U.S. Stock Futures Drop Pushes Losses to Limit Down Trigger

  • Futures on S&P 500 fall 5 percent as Trump closes in on win
  • Trump prospects for victory rise as key states a toss-up

Is the Market Overreacting to the Election Results?

Waves of selling in U.S. stock index futures pushed losses to Chicago Mercantile Exchange limits that prevent further declines, as investors rushed to adjust for a potential victory by Donald Trump in the presidential race.

E-mini futures on the S&P 500 Index plunged to 2,028.50 at 11:53 p.m. in New York. The rules are triggered when the contracts decline 5 percent from a reference price that is calculated in the last 30 seconds of trading on the previous day. The curb means the contract cannot trade at a lower price for the remainder of the overnight session.

Stocks fell around the world Tuesday as Trump closed in on a win in the U.S. presidential election after taking key battleground states like Ohio, Florida and North Carolina -- all states that he needs to have a path to the White House. He also was competitive in Wisconsin and Michigan, states equally critical to Clinton’s hopes. It was a sign that his turnout across the nation was even stronger than expected -- and a bad omen for Clinton, who was counting on a superior ground game and anti-Trump animosity to get her voters to the polls.

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