US stock futures lose steam as election results trickle in
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Dow (INDU)futures were down 172 points, or 0.6%, around 8 p.m. ET after having risen more than 200 points earlier Tuesday evening. S&P 500 (SPX) futures fell 0.5% and Nasdaq (COMP) futures were down 0.1%. Polls in 16 states and Washington DC closed at 8 p.m. ET, and stock futures appeared to fluctuate as election results from the key race in Florida rolled in.
US stocks posted strong gains during Election Day.
The Dow closed Tuesday up 555 points, or 2.1%, higher, its best percentage gain since mid-July. The S&P 500 closed 1.8% higher, its best day in a month. The Nasdaq Composite finished 1.9% higher — its best performance since mid-October.
Hopes for more government spending to help the economic recovery in the near-term boosted markets and riskier investments like stocks. The gains also reflected Wall Street’s bet that former Vice President Joe Biden will win the election.
Analysts at Goldman Sachs (GS) said Tuesday there’s a good chance the winner will be declared Tuesday night because swing states like Florida, Arizona, Georgia and North Carolina will report results quickly. That certainty would also likely be a boost to markets.
— CNN’s Anneken Tappe contributed to this report.
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