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Business Maverick: US stock futures fluctuate as votes trickle in: markets wrap

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US equity futures swung between gains and losses and Asian stocks were mixed as investors awaited midterm election results, with potential for government gridlock seen as positive for shares.

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The dollar weakened slightly as Treasury yields retreated from their intraday highs. Bond yields fell in Australia and New Zealand, tracking moves in the US on Tuesday.Bitcoin Optimism for shares has been helped by a history of robust performance following midterm results. Stocks have tended to flourish during times when government is constrained and polls suggest Republicans could make gains, placing a check on Democratic policies.

“The stock market historically has performed well after midterm elections and during third years of presidential cycles,” according to a note from Yardeni Research. “But none of these positive political cyclical trends will make much difference if inflation remains elevated, which would force the Fed to cause a hard landing of the economy.”

 

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