US Stock Market: The Wall Street is all set to open at Indian standard time-zone, 7 PM on Wednesday, November 6, 2024, and will react to Donald Trump’s landslide victory in the Presidential Election 2024. That being said, on the election results day, Wall Street is opened. Owing to Trump’s win against Kamala Harris, the dollar, treasury yields and stock futures have shown a massive bull run. S&P 500 futures also clocked a new high.

What Is Trading Before the US Equity Market Opens?

The US stock futures showed impressive performance with Dow Jones Industrial Average Index Futures rising to hit a new high of 43,658. Further, S&P 500 futures also touched a fresh high of 5,954 and Nasdaq-100 Futures climbed to a record high of 20,731.25.

Although, Nasdaq futures soared by 1.4% to 20,631, at the time of writing. While S&P 500 futures performed at 5,933, higher by 2.08%. And Dow Jones futures zoomed by 2.93% or 1,240 points to 43,623, outperforming others.

Coming to the dollar index, the DXY strengthened against the basket of currencies, to 105 up by 2%, hitting its highest level in four months.

According to Trading Economics, investors reacted to early results in the US presidential election, where Trump gained a lead over Harris. The race has unfolded largely as expected, with the outcome now hinging on seven key swing states. Investors are also focused on the control of Congress, as the results could have major implications for future spending and tax policies. In recent weeks, the dollar has been supported by what are referred to as “Trump trades,” as his economic policies are often viewed as inflationary.

Trading Economics further added, that on the monetary policy front, the Federal Reserve is widely expected to implement a more cautious 25 basis point rate cut on Thursday, as it tries to balance persistent inflationary pressures with a slowing labor market. Markets are also pricing in the possibility of another rate cut in December. The dollar strengthened across the board, gaining the most against the euro and the yen.

With the strengthening in dollar index, the trend was a reverse in gold prices. Spot gold dipped to near $2,704 per ounce, down by 1.53%.

US Election Results:

As per the latest voting counts, Trump’s party Republican bagged 279 seats, emerging as a clear winner of the White House. He received about 71,092,701 votes, 51% majority in the polls. His victory comes as a record against Kamala Harris whose party lost with bagging 223 seats or 66,001,413 votes (47.3%).

For the White House Presidentship, the requirement is to win 270 electoral votes.

Why US Market Is Not Closed On November 6, 2024?

During November month, Wall Street will be closed for ten days, however, there is only one special holiday and that is Thanksgiving on November 28. The rest of the 9 days are weekend holidays. That being said, the business is usual for stock market and other market-related instruments in the United States on Tuesday, November 5, 2024.

It needs to be noted that despite Election not being a federal holiday, some states have declared November 5th as public holiday. These states are New York, Maryland, Hawaii, Illinois, and West Virginia.

Notably, on the election results day, there are no holidays in bank, public and market.

US Market On Election Day, Tuesday, November 5:

Ahead of the results, the Dow Jones Industrial Average or DJIA closed at 42,221.88, up by 427.28 points or 1.02%. While the S&P 500 index surged by 1.23% to finish at 5,782.76. Also, the Nasdaq Composite finished at 18,439.17, higher by 1.43%.