Wall Street futures pointed sharply higher pre-bell Wednesday on media reports that GOP candidate Donald Trump has won the national election for the Presidency. In the futures, the S&P 500 rose 2.4%, the Nasdaq inclined 1.8%, and the Dow Jones was up 2.9%. In addition, traders weighed the start of a two-day meeting by the Federal Reserve, which is widely expected to cut its policy interest rate by 0.25%. Asian exchanges traded choppily overnight, although Tokyo gained on prospects that higher US interest rates and a stronger US dollar would boost Japanese exports and reported earnings. European bourses tracked solidly higher midday on the continent. Trump Media & Technology (DJT) traded up nearly 30% pre-bell on media reports that Trump appears to have secured a return to the White House. Tesla (TSLA) shares rose 14.7% pre-bell, also on reports of a pending Trump victory.
Tesla CEO Elon Musk publicly supported Trump. CVS Health (CVS), American Electric Power (AEP), and Sempra (SRE) plan to report earnings pre-bell, among others. On the economic calendar is the S&P US Global PMI composite final for October at 9:45 am ET, followed by the weekly EIA petroleum status report at 10:30 am. In premarket action, Bitcoin traded at $73,783, West Texas Intermediate crude oil traded lower at $71.09, and 10-year US Treasuries offered 4.43%.
Spot gold traded for $2,726 an ounce. $US30 $US500.