After a tense week of the highly contentious election, the United States (US) declared that President-elect Joe Biden will be the 46th US President, with Kamala Harris as the Vice President-elect. Though Trump refuses to concede, millions of Americans continue their celebrations and world leaders have congratulated the new US president. The Dow Jones futures rose steadily Sunday evening post election along with the S&P 500 and Nasdaq futures.

Trump filed lawsuits amid Joe Biden’s victory

In the 2020 US presidential election, Joe Biden along with his running mate Kamala Harris won the majority of electoral votes, garnering 290 votes vs Trump’s 214 votes (Source: The Associated Press). Leaders from around the world welcomed Joe Biden’s election victory though Mexico’s president is reluctant to do so until the legal challenges have concluded, in an apparent bid to avoid friction with Washington during the transition.

Both Biden and Harris delivered a message of unity and healing to a divided nation during their victory speeches in Delaware on Saturday night, hours after the Democratic ticket was announced as winners. Joe Biden has pledged to “work with all my heart to win the confidence of the whole people” and he added that he pledged to be a president who seeks not to divide but to unify and to make progress by not treating opponents as enemies (The Guardian, 8 Nov).

Meanwhile, Donald Trump vowed to press forward with a legal fight, where he has reportedly filed a raft of lawsuits to challenge the results. Electoral officials in states across the country say there has been no evidence of significant fraud, and legal experts say Trump’s efforts are unlikely to succeed. Trump also tweeted on Sunday by stating that “I won this election, by a lot”, shortly after the race was called.

Stock Markets Rally Post-election

The US stocks posted their biggest weekly rally since April; the Dow Jones futures rose 1.1%, the S&P 500® (SP500) futures surged 1.3% while the Nasdaq futures gained 1.6% on Sunday after Joe Biden was declared the winner while dollar extended its downward trend. Analysts predicted fewer regulatory changes and more monetary stimulus under Joe Biden.

Source: Macquarie Research - 9 Nov 2020