Dubai: US stock futures lurched lower, then recovered on Wednesday after Democrats won control of both chambers of Congress. Markets were quick to react, with the Nasdaq taking a hit initially with AI and tech stocks breaking the brunt of the outcome. Nasdaq 100 futures dropped as much as 2.4 per cent and S&P 500 futures fell 1.4 per cent in early trade. Both pared the losses as investors bought the dip, turning all 3 indices back in the green. President Donald Trump said he would accept the results, helping ease the uncertainty among traders and investors.The 10-year Treasury yield eased to about 4.9 per cent after topping 5.3 per cent a day earlier, a 24-year high. The dollar slid to a one-month low. Asian markets took the heavier blow as votes were still being counted during trading hours. Japan’s Nikkei fell almost 3 per cent, and SoftBank plunged 8 per cent. European markets also pointed lower before the open and quickly bounced back.
