Markets see modest "Trump trades" as election results start to trickle in
Live MintNov 5 - Republican Donald Trump won Indiana, West Virginia and Kentucky in Tuesday's presidential election while Democrat Kamala Harris captured Vermont, Edison Research projected, as polls closed in the first six U.S. states including the critical state of Georgia. MARKET REACTION * S&P 500 e-mini futures rose 0.44% as early results came in * The yield on the 10-year U.S. Treasury note rose to 4.335% * The U.S. dollar index was up 0.73% * Bitcoin was up 2.9% at $71,164 COMMENTS: BRIAN JACOBSEN, CHIEF ECONOMIST, ANNEX WEALTH MANAGEMENT, MENOMONEE FALLS, WISCONSIN “As the early results come in, even though none of them are that surprising, we are seeing Treasury yields rising a little bit, the dollar strengthening, bitcoin up; kind of a classic Trump trade. Treasury yields because of a market belief that Trump might be worse for deficit, the dollar’s move because of expectations of new tariffs, and bitcoin, well, Trump is a crypto ‘bro’. It’s still early days in terms of results.” ADAM TURNQUIST, CHIEF TECHNICAL STRATEGIST, LPL FINANCIAL, CHARLOTTE, NC "If anything, to read through it is maybe more toward Trump than anything, so futures and yields are moving higher.