My top 10 things to watch Wednesday, Nov. 6: Election edition
1. Wall Street was heading for a huge open after Donald Trump won the presidential election, per NBC News projections. Dow futures were leading the way higher, soaring 3%, or roughly 1,250 points. Republicans are projected to win control of the Senate. The majority in the House is still too close to call.
2. U.S. bond yields were soaring, meaning that investors were selling Treasurys in favor of riskier assets such as stocks. The 10-year Treasury yield surged to 4.47%, hitting its highest level since July. The bond market was betting Trump’s presidency would increase economic growth and fiscal spending.
3. The Federal Reserve kicks off its two-day November meeting Wednesday. The markets still see a 25-basis-point interest rate cut on Thursday as a lock. But the chances for another 25 in December were less likely after Trump’s win, with a pause given more than 30% odds.
