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Futures Drop, Record November Rally Fizzles As Election Gets Increasingly Contested

The blistering November rally, which pushed the S&P higher by nearly 8% in the first 4 days of the month, the biggest advance in the first days of the month on record, finally reversed and pared some of this week’s gains as the vote count continued but got increasingly more contested amid mounting legal complaints from President Donald Trump’s campaign. Meanwhile, just around 4am, Joe Biden edged ahead of Donald Trump in the latest batch of Georgia results, a major shift in the Republican stronghold that hasn’t backed a Democrat for president since 1992. Biden also got closer in Pennsylvania and is still ahead in Nevada and Arizona, though Trump is catching up.

S&P futures slid 25 points, or 0.7%, to 3,480 while global stocks were in the red but near all-time highs ahead of what some expect will be a downbeat jobs report underlining the scale of the economic challenge awaiting America’s next president (full preview here).

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