Stocks hit all-time highs, bond yields jumped and the dollar saw its biggest surge since 2020, with investors mapping out Donald Trump’s return to the White House and what his policies will mean for markets.
Chief market strategist Victoria Fernandez of Crossmark Global Investments talks to us about the markets reaction to U.S. President-elect Trump's victory.
Wall Street’s “fear gauge” — the VIX — tumbled the most since August to around 16. Trading on stocks spiked, with the S&P 500 volume 125% above the average of the past month. The Dow Jones Transportation Average jumped to a fresh high after a three-year drought of records, finally confirming the strength of its industrial counterpart.
“The biggest takeaway from last night is that we received certainty that the market craves,” said Ryan Grabinski at Strategas. “This will allow both business and consumer confidence to improve. Attention now should shift to the Fed meeting tomorrow. The 10-year is approaching the 4.5% level, that’s the level risk assets ran into some trouble in the last 24 months.”Treasury 10-year yields advanced 18 basis points to 4.45%. The Bloomberg Dollar Spot Index rose 1.
With many investors braced for a prolonged period of uncertainty, simply gaining some clarity on the outcome is providing a sigh of relief, according to Keith Lerner at Truist. He says the market currently appears more focused on the positive aspects of Trump’s agenda with less emphasis on the potential of tariffs and wider policy outcomes.
Policymakers, however, may now approach the question of when and how much to cut more cautiously as they assess how Trump’s economic proposals will be turned into actual policies, said Derek Tang, an economist at LH Meyer/Monetary Policy Analytics.Republicans won control of the US Senate amid a slew of victories by allies of Trump, giving the GOP powerful leverage in high-stakes tax and spending battles next year.
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