A slew of trades around the world tied to Donald Trump’s rising presidential prospects notched decisive moves, with stock futures extending gains, Treasury yields jumping and the dollar up the most since February 2023.
S&P 500 futures climbed 1.2%, 10-year yields surged 12 basis points to a four-month high of 4.39% and Bitcoin spiked to a record – moves that reflect rising wagers on a Trump presidency, with Vice President Kamala Harris’s path to victory narrowing.
The Bloomberg Dollar Spot Index was up 1.1%. The Mexican peso slumped 2.3%, while the Japanese yen and the euro slid at least 1.2%. Contracts on the Russell 2000 Index added 2.5%. Smaller companies with typically domestic operations are seen as potential gainers in a Republican win, given the party’s protectionist stance.
Trump Media & Technology Group Corp. surged in trading on Robinhood Markets Inc.’s 24-hour platform. Equities in Japan and Australia climbed, while shares in Hong Kong slipped.
European stock futures are marginally lower. A cohort of investors on Wall Street have wagered that Trump’s pro-growth stance on industrial policy, corporate tax cuts and tariffs would boost stocks and could fuel inflation — spurring bond yields and the US dollar higher.
