US STOCKS-S&P 500 futures surge as investors eye tight election race

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* S&P futures last up in volatile trade
* Nasdaq futures surge over 3%
* Investors want decisive result and path to stimulus

(Updates with market moves after the bell)
By Noel Randewich
Nov 3 (Reuters) - U.S. stock futures jumped late on Tuesday
as President Donald Trump appeared to be doing better than
expected in some key states as early results in the U.S.
presidential election revealed a very tight race.
S&P emini futures EScv1 were last up 1.3%, extending a
rally during the official trading session in which the S&P 500
delivered its strongest one-day gain in almost a month.
Nasdaq 100 emini futures NQcv1 jumped 3%, with some
investors pointing to a lower threat of antitrust scrutiny for
major technology companies under Trump than under a Biden
presidency.
Trump was narrowly leading Biden in Florida, while other
competitive swing states that will help decide the election
outcome, such as Georgia and North Carolina, remained up in the
air.
Longer-dated U.S. Treasury yields retreated from five-month
highs and Mexico's peso weakened sharply. On betting website Smarkets, odds reflected a 68% chance of
Trump winning, up from 33% earlier in the day.
"Trump is just doing better on the margin everywhere, and
there have not been any big Biden upsets," said Bob Shea, Chief
Executive Officer at TrimTabs Asset Management in New York.
"What we are seeing now is Trump doing better and people are
just defaulting to ‘Trump is good for the market', so why not
just buy now and cut to the chase.”
Investors for months have said they favor a definitive, fast
resolution to the election, rather than a drawn out process that
many have feared. Quickly settling the election would clear the
way for a deal on a stimulus package to help the damaged U.S.
economy. Early results also suggested the Democrats were less likely
than previously expected to take the Senate from Republicans in
a so-called blue wave.
"The best case is going to be a gridlock either for a Biden
or Trump presidency. I think the market is repricing its
assumptions," said Thomas Hayes, Chairman of Great Hill Capital
in New York.
Some analysts said the market's strong gains earlier in the
day also reflected a rebound from a selloff last week, the
biggest weekly percentage decline for the S&P 500 in over seven
months.
On election night 2016, U.S. stock index futures plunged as
Trump pulled off an upset victory against Democrat Hillary
Clinton. However, the next day marked the start of the so-called
"Trump rally" that saw the S&P 500 jump 5% in a month, fueled by
promises of massive tax cuts and financial deregulation.
In Tuesday's trading session, the Dow Jones Industrial
Average .DJI rose 2.06% to end at 27,480.03 points, while the
S&P 500 .SPX gained 1.78% to 3,369.02.
The Nasdaq Composite .IXIC climbed 1.85% to 11,160.57.
The CBOE Volatility index .VIX , Wall Street's fear gauge,
touched a one-week low after hitting a 4-1/2-month high last
week.

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"Biden" shares vs "Trump" shares https://tmsnrt.rs/3881PWc
Markets under different presidents during history https://tmsnrt.rs/3p35jj4
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