Elsewhere, the dollar posted its biggest gain against major currencies since 2020 and Bitcoin rallied to a new record, while US 10-year yields rose to a four-month high — all manifestations of the “Trump trade” seen as keying off of his platform of tax cuts and tariffs.
A risk-on frenzy enveloped financial assets early Wednesday as Donald Trump clinched the White House for a second term, decisively winning what had been seen as a neck-and-neck race against Vice President Kamala Harris.
US stocks soared, with S&P 500 futures climbing more than 2% in premarket trading and riskier parts of the stock market such as small caps posting the biggest gains. The VIX Index “fear gauge” of stock-market volatility fell below 16, declining from the elevated levels it touched in the days leading up to the vote.
