Futures higher after stocks soar on Trump win; Fed ahead - what's moving markets
Investing.com - US stock futures climb after equities on Wall Street soared to record highs in the wake of Donald Trump's victory in the US presidential election. Trump's Democratic opponent Kamala Harris formally concedes the race and says she will support a"peaceful transfer of power." Meanwhile, the Federal Reserve is gearing up to unveil an anticipated 25-basis point interest rate reduction on Thursday, with Trump's win clouding the outlook for cuts next year.
The comments, which stood in contrast to Trump's decision never to concede to the outcome of the 2020 vote, brought an end a bitter campaign in which Harris had accused her opponent of posing a threat to the US democracy.The Federal Reserve is due to deliver a fresh interest rate decision on Thursday following a two-day meeting that was pushed back due to the election.
Following the ballot, traders are now betting the Fed will roll out only two more cuts next year, bringing rates down to a band of 3.75% to 4%. In such an event, it would be the end of the Fed's long-anticipated rate-cutting cycle roughly more than a year earlier than initially anticipated and a percentage point higher than the projections of many policymakers.
However, traders are now beginning to consider the potential for a Trump presidency squeezing oil supply from Iran and Venezuela, while his policies have tended to be pro-business, which likely supports overall economic growth and increases demand for fuel.
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