The US stocks rose, US bonds rose, gold rose, crude oil products rose - on the day of the US election on November 5th, it seems that various asset categories globally are thriving. While a series of 'Trump trades' appeared somewhat lackluster on the election day, they suddenly surged in the early Asian session of Wednesday...

Market data shows that the three major U.S. stock indexes rose sharply across the board on Tuesday, rebounding widely. The market, driven by the collective rise of technology stocks, saw a strong risk appetite. The stock market seems to have somewhat avoided the volatility caused by the election, as people anticipate an economic soft landing, good corporate performance, declining interest rates, and a resilient labor market providing further support to the market.

As shown in the chart below, all major equity index futures are generally rising, with small-cap stocks leading the way...

As of 10:45 Beijing time, $E-mini Dow Futures(DEC4) (YMmain.US)$ up by 504 points, an increase of 1.19%, closing at 42885 points; $E-mini NASDAQ 100 Futures(DEC4) (NQmain.US)$ Rising by 221 points, an increase of 1.09%, closing at 20563 points; $E-mini S&P 500 Futures(DEC4) (ESmain.US)$ Rising by 65 points, an increase of 1.13%, closing at 5878 points; $E-mini Russell 2000 Index Futures(DEC4) (RTYmain.US)$ Rising by 65 points, an increase of 3%.

In fact, traders should not be surprised by the rise on election day - since 2000, the S&P 500 index has not fallen on election day...

From the perspective of cross-asset categories, the overall commodity market on that day also followed the strength of the US stocks. Among them, gold held above $2740.

As for the 'losers' on election day, a series of 'Trump trades' that have surged too much over the past month are clearly among them.$Bitcoin (BTC.CC)$The US bond yield and $Trump Media & Technology (DJT.US)$stock prices, both experienced significant pressure during the overnight session.

However, it is worth noting that there was a sudden change in the early Asian market on Wednesday—those 'Trump trades' that were under pressure last night suddenly surged again!

Among them, bitcoin broke through the historical new high of $74,000.

$Trump Media & Technology (DJT.US)$ Although it fell by 1.16% on Tuesday, it rebounded significantly by 10% in after-hours trading, with DJT night trading up more than 40% at the time of writing.

The US dollar, bitcoin, and the 10-year bond yields all surged significantly at the start of the Asian session on Wednesday.

Voting in most parts of the USA has already ended, but so far there haven't been many unexpected election results. As of 11:00 AM on November 6th, Beijing time, Trump is temporarily leading, and the situation in key swing states is still unclear.

Gennadiy Goldberg, director of interest rate strategy at Daoming Securities in New York, said: "This is normal market fluctuations during the election period, actually the market is trying to fine-tune the probability of Trump and Harris winning the presidency. If you look at the probability of a comprehensive Republican victory, it has decreased today, but the magnitude is very small."

A series of polls before have shown that the competition between former President Trump and Vice President Harris remains close, the voting results may be very close, and the possibility of controversial results means that vote counting may continue for several days or even weeks.

Rob Haworth, Senior Investment Strategy Officer at Bank of America Wealth Management, said, "The market continues to try to price in the results of this election. Both the bond market and the stock market believe that which party controls Congress is also important, and the most basic situation is a divided government, but this election is so close that we may get any result. That's the challenge."

Editor/Rocky