Futures surge as Trump declares victory in 2024 election - what's moving markets
Investing.com -- Donald Trump has declared victory in the 2024 presidential election, although many major news networks and other outlets have yet to formally name him the winner. Counted votes indicate that he has won several key battleground states over Democratic rival Kamala Harris. US stock futures, along with so-called"Trump trades" which have closely followed the former president's prospects of returning to the White House, all rallied.
Meanwhile, coverage by the Associated Press and other regional networks showed Republicans had taken a majority in the Senate, the upper chamber of the US Congress, and were also on track to win the House of Representatives, raising the possibility of a Republican sweep in the 2024 elections. Elsewhere, the yield on the benchmark US 10-year Treasury bond reached its highest level since early July.
Futures contracts tied to the Fed's policy rate now see policymakers stopping rate cuts after only two more drawdowns in the first half of 2025, with borrowing costs settling at 3.75% to 4%. They are currently a range of 4.75% to 5%.
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