Post-midterm relief rally: futures slash losses as Trump accepts results; Asian markets whipsaw from selloff to gains (Nov 4)
What happened
U.S. equity futures slashed overnight losses as election-night clarity emerged: Dow futures eased to -0.1%, S&P 500 to -0.3% and Nasdaq-100 to -0.4%, well off earlier lows of down over 2%. President Trump told the New York Times on Tuesday night that he accepts the election results, with Democrats taking at least 54 Senate seats plus key governorships (Texas, Georgia, Ohio). In Asia, an initial selloff on Democratic-win fears gave way to a relief rally in the afternoon: the Kospi erased losses to close up 0.6%, the Hang Seng rose 1.3%, Shanghai gained 1.7%, while the Nikkei (-1.4%) and Taiwan's Taiex (-0.8%) pared losses. The 10-year Treasury yield recovered to 4.942% after hitting its lowest since early September, the dollar index steadied at 101.50, bitcoin nearly erased its losses at ~$77,700, gold rose 2% and silver 3.3%, and WTI/Brent crude ticked up to $96.18/$103.73.
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Start your free 14-day trialWho’s affected
- AI infrastructure/tech names (NVDA, AVGO, MU, CoreWeave — off overnight lows, still indicated lower)
- TSLA and SpaceX (off worst levels, still indicated down ~4-4.5%)
- Treasury bonds (10-yr yield recovered to ~4.94% from 4.90% overnight low)
- U.S. dollar (steadied at ~101.50 after one-month low)
- Asia equities (Kospi +0.6%, Hang Seng +1.3%, Shanghai Composite +1.7%; Nikkei -1.4%, Taiex -0.8%)
- Bitcoin (nearly erased losses to ~$77.7k)