A close presidential election caused stock futures to momentarily plunge Tuesday by more than 700 points.
“I would say the market is a bit more cautious as it doesn’t seem to be such a quick and decisive victory for Hillary as it seemed,” Ian Lyngen, head of U.S. rate strategy at BMO, told CNBC. “But it’s not over yet.”
The unexpected results caused investors to flee stocks and move into bonds. Meanwhile, the volatility also caused the Mexican peso to plunge against the U.S. dollar.
“The Mexican peso, which has been a proxy for Trump, was down as much as 5 percent against the dollar,” CNBC reported. “Trump has said he would build a wall along Mexico’s northern border and break trade deals with the country. The U.S. dollar also gave up early gains against the yen and Swiss franc.”
Reports also indicated that gold futures rose 2.3 percent to $1,303.70 per ounce.