Asian stocks and US futures retreat slightly after Thursday’s rally

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Dow (UNDUE) futures contracts fell 91 points, or 0.3%. S&P 500 (SPX) futures contracts fell almost 0.4% and Nasdaq (COMP) futures contracts fell almost 0.5%.

Stocks in Asia took the lead on Wall Street: China Composite de Shanghai (SHCOMP) fell 0.5% on Friday, while that of Hong Kong Index Hang Seng (HSI) and South Korea Kospi (KOSPI) were mostly flat but declining. From Japan Nikkei (N225) was the best performance in the region, up 1%.

The vote count continues to circulate in six states CNN has yet to call, and President Donald Trump’s lead has narrowed in the main states of Pennsylvania and Georgia. Trump’s campaign also launched a series of lawsuits in key battlefield states.

Earlier Thursday night in the United States, Trump has publicly addressed the nation and the tight race for the White House. During his speech, Trump made a baseless claim that the presidency was being stolen from under him as the vote count showed his path to victory was fading away.

“The end result can be taken to US courts, but the market takes the example of what looks like a Democrat in the White House presiding over a divided government,” wrote Kerry Craig, global market strategist at JP Morgan Asset Management. . a research note Friday. He added that the state of the breed “Suggests we’ll likely see more tradeoffs. ”

Craig said that the markets attention will soon turn to the growing number of Covid-19 cases in the United States and the budget support that is needed to help Americans affected by the pandemic.

Shares climbed during regular trading on Thursday – and all three indices are now trending towards their best week since April. The S&P 500 is on track for its best election week performance since 1932. The Dow Jones closed Thursday up 543 points, or 2%, while the S&P 500 climbed 1.9%. The Nasdaq Composite finished up 2.6%.

Even though a delayed US election result was seen as the “nightmare scenario” ahead of the vote, stocks have rallied every day this week.

Meanwhile, another 751,000 Americans claimed unemployment benefits for the first time last week, the Labor Department reported Thursday. This is down slightly from the week before, although it is a less encouraging report than economists expected.

Next Friday, the US Department of Labor is expected to release the US employment report for October.

– CNN’s Anneken Tappe, Matt Egan and Kevin Liptak contributed to this report.

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