The global stocks rally is running out of steam as investors await election results from US states that remain too close to call.
US futures moved sharply lower after stocks ended Thursday in the green.
- Dow futures fell 281 points, or 1%.
- S&P 500 futures were down 1.2%.
- Nasdaq futures fell nearly 1.4%.
The US dollar was weaker as traders bet on more stimulus from the Federal Reserve in the absence of large-scale financial support from the government.
Stocks in Asia were mixed.
- China’s Shanghai Composite fell 0.2% on Friday.
- Hong Kong’s Hang Seng Index was little changed.
- Japan’s Nikkei was the region’s best performer, rising 0.9%.
- The FTSE 100 was down 0.7% in early trade in London.
- Germany’s DAX off by 1.5%.
- France’s CAC 40 down by 1.3%.
Where the vote stands this morning: Vote counts continue to roll in from six states that CNN has yet to call.
President Trump’s lead has narrowed in the key state of Pennsylvania, and Joe Biden has taken a small lead in Georgia.
Trump’s campaign has also launched a series of lawsuits in key battleground states.
Trump publicly addressed the close race for the White House on Thursday.
During his remarks, Trump baselessly claimed the presidency was being stolen from underneath him as vote counts showed his path to victory disappearing.
“The final outcome may be subject to the US courts but the market is taking its lead from what looks like a Democrat in the White House who presides over a divided government,” Kerry Craig, global market strategist at JP Morgan Asset Management, wrote in a research note Friday.
He added that the state of the race “suggests that we are likely to see more compromise.”
“The market has concluded that gridlock is a friendly outcome,” said Stephen Innes, chief global markets strategist at Axi.
A divided government suggests less growth and stimulus, but also less tax and regulation, Innes wrote in a note to clients.
Craig said markets’ attention will soon turn to the rising number of Covid-19 cases in the United States, and the fiscal support that is needed to help Americans hit by the pandemic
Another 751,000 Americans claimed first-time jobless benefits last week, the Labor Department reported Thursday.
That’s down slightly from the prior week, though it was a less encouraging report than economists had expected.
On Friday, the US Department of Labor is set to release the US jobs report for October.
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- Playback: Akufo-Addo delivers 25th address on measures taken against Covid-19
- 10-year-old boy allegedly commits suicide at Dambai
- Cameron Duodu: Sɛbe o, tafrakyɛ, na ‘Ɔte K’ɔkɔɔ Soɔ’ deɛ, yɛbɔ n’ano sɛn? – With all due respect, how can the occupant of the Golden Stool be silenced?
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- Fuel prices to go up again – Chamber of Petroleum Consumers Ghana
- Man loses lower lip during fight with friend over GH¢18.00
- GPL: WAFA deepen Legon Cities’ relegation woes
- African Ministers of Health endorse and support Africa Common Position on Covid-19 passport
- 7 people electrocuted, 5 others injured at Amanfrom
Playback: The Probe, discusses Ghana’s 2nd vaccine roll-out and Quest for Herd Immunity
Projects by government to solve energy crisis near completion – Matthew Opoku Prempeh
Fuel prices to go up again – Chamber of Petroleum Consumers Ghana
Ghana spends $586m on unused electricity per year – Energy Minister
Dumsor schedule ends tomorrow, May 17; Energy Minister uncertain about extension or otherwise
Deteriorating dormitories and halls in WA SHS affecting teaching and learning – Headmaster
Kokomba warriors kill human-attacking antelopes
Pediatricians urged to support government in combating jaundice in newborn babies
Alleged assault on Citi FM journalists: Sit up and do the work for which you were elected – NDC to Akufo-Addo
Samson Lardy Anyenini speaks on alleged assault on Citi FM journalist by National Security operatives
Cameron Duodu: Sɛbe o, tafrakyɛ, na ‘Ɔte K’ɔkɔɔ Soɔ’ deɛ, yɛbɔ n’ano sɛn? – With all due respect, how can the occupant of the Golden Stool be silenced?
Denkyira Chiefs rally to fight illegal mining
African Ministers of Health endorse and support Africa Common Position on Covid-19 passport
Assault on Citi FM Journalists: Culture of impunity must be cured – Kweku Baako
Galamsey Fight: Samuel Abu Jinapor lauds efforts by NDC, NPP to stop the menace