Update 3:00 a.m. ET, November 9: As Trump supporters chanted “U.S.A., U.S.A.” in New York City, Hillary Clinton conceded the 2016 presidential race in a telephone call to President-elect Donald J. Trump.
With the news, stock futures have stabilized slightly. Dow futures are currently down 471.00, or near 2.5 percent, and S&P 500 futures are down 64.74, or about 2.9 percent.
“I pledge to every citizen in the land that I will be president for all Americans,” the president-elect stated to an electrified group in New York.
Original article: CNBC is reporting that stock market futures for the Dow Jones Industrial Average are currently down 711.00 points or over 3.0 percent. Contracts for the Standard & Poor’s 500 Index are off by 97.5 points or about 4.0 percent.
The New York Times is reporting that there is a 95 percent plus chance that Republican Donald Trump is going to take the U.S. presidency.
During The Young Turks live stream coverage of the election, hosted with YouTube, host Cenk Uygur described a surprise surge in voting by Trump supporters and seeming reaction by stock market participants as possibly being the beginning of a “Trexit,” coined from the term “Brexit” used to describe the decision by citizens of the U.K. to exit the European Union in June, as reported by the BBC.
The term “Trexit” has also been used to describe what might occur with a Donald Trump presidency by the Washington Post.
The Inquisitr has reported previously on the reaction of the stock market to the rising and falling fortunes of Democratic nominee and former Secretary of State Hillary Clinton in polls leading up to election day. A Clinton win has been seen as a positive for the stock market by many observers.
Prior to the letter to U.S. Congress by FBI Director James Comey concerning a new investigation into Hillary Clinton’s emails on October 28, the stock market had been performing strongly, only to see shares in Facebook disappoint, even after strong earnings, in the wake of Comey’s announcement. Then, on Sunday, the FBI director indicated that their investigation with Hillary Clinton was complete and the Dow soared by triple digits on Monday.
Gold futures (GCZ16.CMX) for December delivery have jumped by $51.80 per ounce or 4.1 percent.
The shares of technology names with growth stories, such as Netflix, Inc. (NASDAQ: NFLX) and PayPal Holdings, Inc. (NASDAQ: PYPL), had performed strongly over recent weeks, reacting positively to strong financial reports. NFLX stock bolted from the lows of its recent consolidation and PYPL stock found new high ground.
Over the past month, NFLX shares are up 20.3 percent and PYPL shares are up 4.3 percent, compared with a wash in the Dow Jones Industrial Average (^DJI).
Since first breaking above the high of their IPO consolidation, shares in Facebook have returned close to 240 percent, even with the $10 sell-off encountered after the company reported better than expected earnings for the third quarter of 2016. For the full 2016-year, Facebook is expected to book $27.3 billion in revenues and earnings per share numbers that grow 78.5 percent, year over year, as reported by Yahoo Finance Canada.
PayPal stock surpassed its analogous IPO consolidation high on October 21, $42.55, first printed shortly after its eBay spin-off, in July 2015. Since then, PYPL shares have retreated by 6.8 percent from their all-time high of $44.52, and sit close to $1.00 below the prior consolidation high at $41.58.
Along with the Dow and S&P 500 futures, NASDAQ 100 futures are down by 227.75, or close to 4.5 percent. How this affects individual shares tomorrow will be the subject of a great deal of scrutiny by investors. Further volatility in the stock futures through the night as the counting of ballots continues in western states is likely.
[Featured Image by Andrew Burton/Getty Images]