Markets are not handling Election Night well.
Futures for the Dow Jones Industrial Average plunged nearly 750 points before modestly paring losses as Republican presidential nominee Donald Trump’s lead in the Electoral College over Democratic rival Hillary Clinton widened.
Dow futures YMZ6, -3.53% were off 700 points, or 3.9%, at 17,574. The U.S. dollarUSDJPY, -3.31% slumped 3.2% to ¥101.64. The ICE U.S. Dollar index, a measure of the dollar’s strength against a basket of six rivals, was off 1.2% at 96.68.
In Asia, stocks opened sharply lower, with Hong Kong’s Hang Seng index HSI, -2.95% down 607 points, or 2.7%, at 22,299. The Nikkei 225 NIK, -4.75% slid 783 points, or 4.5%, at 16,387. Australia’s all-ordinaries index XAO, -2.46% was off 143 points, or 2.7%, at 5,198.
Meanwhile, the Mexican peso USDMXN, +11.6037% plunged more than 11% to a new record low at 20.30 pesos to the dollar.
“It seems like two days ago markets were convinced that Hillary Clinton won the election. She had been leading in polls. We are seeing repricing in everything: stock futures, oil, currencies as markets are pricing in new risk,” said J.J. Kinahan, chief strategist at TD Ameritrade. “Unless we see some big states like Florida, Pennsylvania and Ohio voting for Hillary, we will continue to see the selloff.”
West Texas Intermediate crude oil WTCLF7, -3.31% was off 4.4% at $43.14 a barrel.