Stock Markets Up as Key States Lean Trump
Published On Nov 5, 2024, 10:52 PM
Stock markets in Asia experienced gains as early election results hinted at a potential victory for former President Donald Trump. Investors seemed optimistic about possible economic stimulus if Trump returns to office, leading to a rise in stock prices and government bond yields. The dollar strengthened against major currencies, including the Japanese yen and the Mexican peso, with notable movements in Bitcoin, which reached a new high. However, the election results are still pending and markets remain volatile as they await final outcomes.
Stock Forecasts
XLF
Positive
Given the early market reaction favoring a Trump victory and the associated optimism about economic stimulus, sectors like financials and industrials are likely to perform well. Stocks in these sectors typically react positively to potential tax cuts and deregulation policies associated with Trump’s administration. Investors might consider looking into ETFs focused on these sectors.
XLY
Negative
The potential for increased tariffs and trade tensions under Trump could negatively impact companies exposed to international trade and certain consumer goods sectors. Investors should be cautious about stocks in sectors like technology or consumer discretionary that rely heavily on international supply chains during this uncertain period.
Related News
The Trump trade vs. the Harris trade: The areas of the market that could move big depending on who wins
Nov 5, 2024, 2:11 PM
Interest rate-sensitive areas of the market and cryptocurrencies are among some of the areas expected to see big moves based on who wins the presidential election.
How to watch Election Day coverage on FOX Business and Fox News Digital
Nov 5, 2024, 12:57 PM
FOX Business Network, Fox News Channel and Fox News Digital are America's home for the best up-to-the-minute election coverage on Tuesday evening and beyond.
The Fed tries to stay above politics. But a lot is at stake for the central bank on Election Day.
Nov 5, 2024, 4:00 AM
The Federal Reserve and Chairman Jerome Powell have a lot riding on Tuesday's election, even as the central bank has spent 2024 keeping as much distance as it can from politics.