Premarket: Apple is red

From Business Insider’s “Global stocks slip after Trump falsely insists he won the tightest election in 20 years, while Biden inches closer to victory” posted early Friday:

Global stocks slid on Friday after President Trump tested the very concept of democracy by insisting he won the 2020 election even though Joe Biden is currently in the lead.

Trump suggested, without evidence, that a substantial number of “illegal votes” have been cast in this election.

US futures fell as election uncertainty left “traders a little dizzy, especially with the markets a bit more shaken than stirred this morning,” said Stephen Innes, chief global market strategist at Axi…

Adding to the air of caution was the monthly US employment report, due at 0830 am ET. Non-farm payrolls are expected to have risen by 600,000 in October, their smallest monthly increase since the labor market began to add jobs in May, according to TradingEconomics.

With Republicans winning several key Senate seats, it is unlikely that Democrats will manage the congressional sweep they hoped for, pointing to a political gridlock.

But Axi’s Innes said this was not necessarily a negative for the markets. “The market has concluded that gridlock is a friendly outcome — less growth and stimulus and less tax, regulation, and bond issuance,” he said.

My take: No comment.

Comments are closed.