Nasdaq Futures jumped as much as 4.4% after trading hours on November 3, 2020, as the poll switched to Trump’s favour in winning the 2020 presidential election.
Tech stocks moved joyfully as the counting ballot showed the U.S. President Donald Trump took the lead in two biggest swing states, Texas and Florida. The incumbent will receive 67 electoral votes (EV) from the aforementioned states, giving him a big favour to win his second term in the White House.
Since November 8, 2016, Nasdaq Composite rose 116% as the tech companies enjoyed Trump’s policies. AAPL (Apple) made the biggest jump during Trump’s term with a 297% gain. AMZN (Amazon) increased 288% in 4 years, FB (Facebook) rose 113% and GOOGL (Alphabet) jumped 102%.
However, despite the win in Texas and Florida, experts already added California, Washington and Oregon into Biden’s favour. That would give him 74 EVs.