US equity futures, global stocks and crude oil surged for a second day on Tuesday as a “gust of optimism” swept across global equity markets as millions of Americans headed to vote. The dollar tumbled amid rising bets on FX vol while yields rose.

Emini were up 39 points, or 1.2% to 3,340, up almost 120 points from Sunday night lows. PayPal dropped 4.8% after it forecast current-quarter profit below expectations. Shares of big U.S. banks including Bank of America Corp, Citigroup Inc, JPMorgan Chase & Co and Goldman Sachs Group Inc, which are sensitive to the economic outlook, gained between 1.4% and 2% in premarket trading, boosted by a steeper yield curve. The VIX retreated for a second day after touching a 20-week high last week on surging coronavirus cases globally.

“The election outcome will drive all markets over the next day or two,” Torsten Slok, chief economist at Apollo Global Management told Bloomberg. “How they move depends on the extent to which we have clarity about the results.”

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