Stock futures were moving higher Tuesday night as investors started to speculate that former President Donald Trump may have an edge in the presidential race.
Futures on the Dow Jones Industrial Average added 590 points, or about 1.4%. S&P 500 futures
gained 1.3% and Nasdaq 100 futures rose 1.3%.
Bitcoin and the U.S. dollar — which were expected by Wall Street to rise in the event of a Trump win — were also rallying on Tuesday night. Futures for the small cap benchmark Russell 2000
, also a projected Trump beneficiary, jumped 3%.
Shares of Trump Media & Technology Group, a social media company closely tied to the candidate, surged more than 30% in overnight trading on the Robinhood brokerage platform.
Americans cast their votes across the country in the tight race between Trump and Vice President Kamala Harris. NBC News is projecting both candidates will win several states where they were heavy favorites entering the night, including Maryland for Harris and Florida for Trump, while the key swing states of Georgia and Pennsylvania remain too close to call. Follow CNBC’s 2024 election live blog here.
Goldman Sachs predicts that a Trump win and Republican sweep of Congress would spark a 3% pop in the S&P 500. Even a Trump win and a divided Congress would cause about a 1.5% gain, the bank predicts. On the other hand, a Harris win with a divided Congress would cause a 1.5% drop in the S&P 500, the bank told its clients.