No Clear Winner Yet Except For The Nasdaq
Still no winner but the Nasdaq futures are surging
Share this:
Biden has claimed victory, Trump has claimed victory but counting continues in the key swing states. The reality is the US election remains up in the air.
At the time of writing Joe Biden has 238 vs Trump’s 213 but the final result hangs on the key swing states and counting there continues. This could still take several hours until there is a winner.
The key development so far is that Biden has managed to take Arizona flipping the first state to Democrat, unlike when Trump took it from Hilary in 2016.
At the time of writing Joe Biden has 238 vs Trump’s 213 but the final result hangs on the key swing states and counting there continues. This could still take several hours until there is a winner.
The key development so far is that Biden has managed to take Arizona flipping the first state to Democrat, unlike when Trump took it from Hilary in 2016.
No Blue wave, more uncertainty?
Congress is also going down to the wire with the Democrats not flipping as many seats as the polls had indicated in the Senate. This is key, because even if Joe Biden wins but fails to flip the Senate then political gridlock on Capitol Hill will likely continue. For the markets this means saying goodbye to that the massive fiscal stimulus package that a blue wave would have brought. Investors reining in stimulus expectations has put a slightly negative bias on market sentiment.
Congress is also going down to the wire with the Democrats not flipping as many seats as the polls had indicated in the Senate. This is key, because even if Joe Biden wins but fails to flip the Senate then political gridlock on Capitol Hill will likely continue. For the markets this means saying goodbye to that the massive fiscal stimulus package that a blue wave would have brought. Investors reining in stimulus expectations has put a slightly negative bias on market sentiment.
And the winner is…. the Nasdaq
US S&P 500 futures are trading marginally lower whilst the US Dollar index is 0.1% higher as as caution remains and investors prepare to watch what happens over the coming hours.
The clear outperformer has been the Nasdaq. The tech heavy index futures are trade +2%. A split Congress would mean making sweeping legislation and tightening regulation, which could harm these big tech companies, would be difficult. Furthermore, the tech stocks such as Apple and Amazon have acquired an almost safe haven like status given their resilient earnings even through the pandemic. As the political uncertainty continues investors are leaning towards these tech stocks lifting the Nasdaq.
US S&P 500 futures are trading marginally lower whilst the US Dollar index is 0.1% higher as as caution remains and investors prepare to watch what happens over the coming hours.
The clear outperformer has been the Nasdaq. The tech heavy index futures are trade +2%. A split Congress would mean making sweeping legislation and tightening regulation, which could harm these big tech companies, would be difficult. Furthermore, the tech stocks such as Apple and Amazon have acquired an almost safe haven like status given their resilient earnings even through the pandemic. As the political uncertainty continues investors are leaning towards these tech stocks lifting the Nasdaq.
Nasdaq Chart
The Nasdaq trades +2.5%, jumping above the descending trendline which has been in place since early October. The surge higher has also taken the stock over its 200 SMA on the 4 hour chart. These are bullish signs. Immediate resistance remains at the daily high of 11779. On the flipside support can be seen at 11450 200 SMA, prior to 11330 trendline support.
Source: TradingView, GAIN Capital
Biden has claimed victory, Trump has claimed victory but counting continues in the key swing states. The reality is the US election remains up in the air.
At the time of writing Joe Biden has 238 vs Trump’s 213 but the final result hangs on the key swing states and counting there continues. This could still take several hours until there is a winner.
The key development so far is that Biden has managed to take Arizona flipping the first state to Democrat, unlike when Trump took it from Hilary in 2016.
At the time of writing Joe Biden has 238 vs Trump’s 213 but the final result hangs on the key swing states and counting there continues. This could still take several hours until there is a winner.
The key development so far is that Biden has managed to take Arizona flipping the first state to Democrat, unlike when Trump took it from Hilary in 2016.
No Blue wave, more uncertainty?
Congress is also going down to the wire with the Democrats not flipping as many seats as the polls had indicated in the Senate. This is key, because even if Joe Biden wins but fails to flip the Senate then political gridlock on Capitol Hill will likely continue. For the markets this means saying goodbye to that the massive fiscal stimulus package that a blue wave would have brought. Investors reining in stimulus expectations has put a slightly negative bias on market sentiment.
Congress is also going down to the wire with the Democrats not flipping as many seats as the polls had indicated in the Senate. This is key, because even if Joe Biden wins but fails to flip the Senate then political gridlock on Capitol Hill will likely continue. For the markets this means saying goodbye to that the massive fiscal stimulus package that a blue wave would have brought. Investors reining in stimulus expectations has put a slightly negative bias on market sentiment.
And the winner is…. the Nasdaq
US S&P 500 futures are trading marginally lower whilst the US Dollar index is 0.1% higher as as caution remains and investors prepare to watch what happens over the coming hours.
The clear outperformer has been the Nasdaq. The tech heavy index futures are trade +2%. A split Congress would mean making sweeping legislation and tightening regulation, which could harm these big tech companies, would be difficult. Furthermore, the tech stocks such as Apple and Amazon have acquired an almost safe haven like status given their resilient earnings even through the pandemic. As the political uncertainty continues investors are leaning towards these tech stocks lifting the Nasdaq.
US S&P 500 futures are trading marginally lower whilst the US Dollar index is 0.1% higher as as caution remains and investors prepare to watch what happens over the coming hours.
The clear outperformer has been the Nasdaq. The tech heavy index futures are trade +2%. A split Congress would mean making sweeping legislation and tightening regulation, which could harm these big tech companies, would be difficult. Furthermore, the tech stocks such as Apple and Amazon have acquired an almost safe haven like status given their resilient earnings even through the pandemic. As the political uncertainty continues investors are leaning towards these tech stocks lifting the Nasdaq.
Nasdaq Chart
The Nasdaq trades +2.5%, jumping above the descending trendline which has been in place since early October. The surge higher has also taken the stock over its 200 SMA on the 4 hour chart. These are bullish signs. Immediate resistance remains at the daily high of 11779. On the flipside support can be seen at 11450 200 SMA, prior to 11330 trendline support.
Source: TradingView, GAIN Capital
Related tags:
Latest market news
The complete CFD trading experience
Award-winning platforms, competitive spreads, low commissions and dedicated support.
We live and breathe the markets and are dedicated to helping traders realise their ambitions as we continue to set the industry bar.
Economic calendar
Web Trader platform
Our sophisticated web-based platform is packed with features.
Related articles
Nasdaq 100 Forecast: NDX falls as oil jumps and Treasury yields rise
U.S. stocks are pointing to a weaker open on Monday after President Trump rejected an Iranian ceasefire, sending oil prices higher and fuelling inflationary concerns and pushing Treasury yields higher.
S&P 500, Nasdaq, Dow Forecast: Wall Street Split Widens Into Month-End 9 26 2026
Nasdaq strength contrasts with mounting Dow pressure as rising Treasury yields raise the stakes for stocks heading into the monthly close.
Equity Indices Q4, 2026 Outlook: Cracks Begin to Show
There's still an open door for a melt-up in the S&P 500 and Nasdaq but the Dow and Russell 2000 are looking more vulnerable, and until calm hits the Treasuries market there's a higher probability for volatility. The big question is whether that's a next quarter theme or not.
StoneX Europe Ltd may make third party material available on this website which may contain information included but not limited to the conditions of financial markets. The material is for information purposes only and does not contain, and should not be construed as containing, investment advice and/or investment recommendation and/or an investment research and/or an offer of or solicitation for any transactions in financial instruments; any decision to enter into a specific transaction shall be made by the client following an assessment by him/her of their situation.
StoneX Europe Ltd makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or other information supplied. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. We are not under any obligation to update any such material. Any opinion made may be personal to the author and may not reflect the opinion of StoneX Europe Ltd.