Asian markets are ready to react to the election result after U.S. stocks sputtered on Friday. The dollar began the week with modest declines, extending last week’s move, as markets continued to price in a future under Joe Biden. The Australian and New Zealand dollars climbed in early Monday trading. Turkey’s lira rose after the nation’s economy czar and central bank chief departed. Global equities are coming off the best week since April — they rose more than 7% last week — as technology shares outperformed. Biden's win may give a boost to emerging markets.
Dow futures rise 200 points after Biden wins presidency as post-election rally continues
Stocks were set to continue their big post-election rally as futures rose in overnight trading on Sunday. The gains came as Democrat Joe Biden defeated incumbent Donald Trump in the U.S. presidential race to become president elect, according to NBC projections.
Futures on the Dow Jones Industrial Average rose 220 points, implying an opening gain of about 200 points on Monday. S&P 500 futures climbed 0.9% and Nasdaq 100 futures rose 1.4%.
Stocks Rise on Biden Victory; Dollar Edges Lower: Markets Wrap
U.S. stock futures climbed with Asian equities Monday in a continuation of last week’s risk-on pattern after Joe Biden was declared the winner of the presidential race on Saturday. The dollar extended declines.
S&P 500 futures were up about 1% in early trading, building on the strongest week since April for the benchmark, as the president-elect prepared to launch his transition effort. Stocks rose in Japan, Australia and South Korea. The yuan and euro ticked higher alongside the Australian and New Zealand dollars. Treasuries slipped.
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