US equity futures fluctuated wildly as investors scrambled to price in shifting odds for Donald Trump's re-election and control of the Senate after the president declared victory in an early morning announcement, warning he would call on the Supreme Court to stop counting ballots in states where he led, setting up a potentially protracted vote count which would cripple any hopes for a quick post-election stimulus bill. Emini contracts swung from a gain of 2.1% to a loss of 1.3%, and were trading up around +1% as of 7am, last seen just above 3,400. While uncertainty over the outcome of the presidential race remains, there was virtually no doubt about the shape of the Senate where Republicans appear set to retain their majority, crushing hopes for a Blue Wave and a massive reflation trade as it will now be harder for lawmakers to approve a big new stimulus deal, which has boosted both Nasdaq futures, which was up 2.5% last... ... and 10Y Treasurys where yields tumbled from 0.94% to...
"La verità passa per tre gradini: prima viene ridicolizzata, poi viene contrastata, infine viene accettata come ovvia" (A. Schopenhauer)