Election 2024 Update: Donald Trump won the 2024 election over his Democratic rival Kamala Harris, the Associated Press declared. In his victory speech before the election was officially called, he praised running mate JD Vance and Elon Musk’s support.

Calling it “the greatest political movement,” Trump vowed to “fix everything about our country.”

On Tuesday, November 5th, U.S. markets closed higher, led by broad gains across sectors, as economic data signaled resilience in the services sector. Investors remain wary, however, with volatility anticipated due to the tight presidential race between Trump and Harris, which will impact both bond and currency markets.

In economic data, the September U.S. trade deficit expanded to $84.4 billion, marking its highest level since April 2022 and exceeding market expectations of $84.1 billion. ISM services PMI climbed to 56 in October, its strongest level since August 2022.

The S&P 500 majority sectors ended in positive territory, led by notable gains in consumer discretionary, industrial, and utilities stocks.

The Dow Jones Industrial Average gained 1.02% to close at 42,221.88, the S&P 500 rose 1.23% to 5,782.76, and the Nasdaq Composite climbed 1.43% to finish at 18,439.17.

Asia Markets Today

• On Wednesday, Japan’s Nikkei 225 gained 2.16% and ended the session at 39,428.50, led by gains in the Glass, Transportation Equipment, and Banking sectors.

• Australia’s S&P/ASX 200 rose 0.83% and ended the day at 8,199.50, led by gains in the IT, Financials and Consumer Discretionary sectors.

• India’s Nifty 50 traded higher by 1.16% at 24,493.90 and Nifty 500 was up 1.61% at 23,043.90, led by gains in the Technology, Oil & Gas and Capital Goods sectors.

• China’s Shanghai Composite declined 0.09% to close at 3,383.81, and the Shenzhen CSI 300 slid 0.50%, finishing the day at 4,024.28.

• Hong Kong’s Hang Seng fell 2.23% and closed the session at 20,538.38.

• China’s markets fell as Trump’s U.S. election victory raised concerns about renewed trade and tech tensions. Investors remain cautious, hedging against potential tariffs and sanctions affecting Chinese assets.

Eurozone at 05.30 AM ET

• The European STOXX 50 index was up 1.06%.

• Germany’s DAX gained 1.18%.

• France’s CAC rose 1.75%.

• U.K.’s FTSE 100 index traded higher by 1.42%.

Commodities at 6.00 AM ET

• Crude Oil WTI was trading lower by 1.17% at $71.11/bbl, and Brent was down 1.28% at $74.60/bbl.

• Oil prices dropped as the dollar surged amid Trump’s projected election win and a larger-than-expected U.S. crude stock rise.

• Natural Gas rose 0.11% to $2.673

• Gold was trading lower by 0.55% at $2,734.40, Silver fell 1.30% to $32.350 and Copper slipped 2.68% to $4.3558.