From the wsj’s “Tech Stocks Lead Volatile Overnight Trading as Election Results Come In” posted early Wednesday:
Investors doubled down on bets on the market’s most enduring winners as tallies showed President Trump and Democrat Joe Biden are locked in a tight race in a few key states.
Markets were choppy early Wednesday as election results showed that it will be a close contest. With uncertainty hanging high, traders appeared to be reverting to some of the most trusted trades of the past few years: betting on technology stocks rising, currencies in emerging markets falling and bond yields, which move inversely to prices, tumbled.
Futures linked to the Nasdaq-100, which heavily weights shares of big tech companies, advanced 2.3%, after earlier darting higher so quickly that trading was briefly halted. S&P 500 futures ticked up 0.3%, while Dow Jones Industrial Average futures edged down 0.4%…
“We’re in for a long haul here,” said Jon Jonsson, a fixed-income portfolio manager at Neuberger Berman Group. “The market is not going to like the uncertainty.”
My take: Patience young grasshopper.