Big, sudden swings in election chances are not uncommon in American politics, although it seems we’ve had one recently. Here are some results, as reported in the FT:
The US closed higher in the first session of the second half of the year, as Treasury yields hit multi-week highs.
Strong gains in the technology sector helped the benchmark S&P 500 add 0.3 percent despite nearly three-quarters of the index’s constituents falling on the day. The Nasdaq Composite rose 0.8 percent, with each of the Magnificent Seven tech groups finishing higher.
Stocks sold off as traders weighed the likelihood of Donald Trump being elected US president later this year. The yield on the 10-year bond jumped 0.14 percent to 4.48 percent, its highest level in a month.
“There are many implications for Trump’s investment back in the White House,” said Jack Ablin, chief investment officer at Cresset Capital. “[Most notable would be] the Fed is on a long-term high, as monetary policymakers raise the possibility that the corporate tax cut will be extended next year.”
The S&P 500’s reaction at the time was modestly positive as well, up about half a point.
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