U.S. election uncertainty taking a ‘toll’ on global markets

The uncertainty surrounding whether Donald Trump or Hillary Clinton  will be the next president of the United States sent stocks around the world plummeting Wednesday.

In what could be the seventh consecutive day of losses, the Dow Jones industrial average lost 20 points, or 0.1 percent, to 18,020 as of 10 a.m. ET, while Standard & Poor’s 500 index lost two points, or 0.1 percent, to 2,110 and the Nasdaq composite fell two points, or less than 0.1 percent, to 5,153.

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The Toronto Stock Exchange, the S&P/TSX composite index was down 91.21 points at 14,687.11 as of noon ET, and Japan’s Nikkei 225 index fell 1.8 percent to 17,118.29 as the yen rose against the U.S. dollar.

“The lead-up to the U.S. presidential election was always expected to be lively but the events of the last couple of days has seriously taken its toll on investor sentiment,” wrote Craig Erlam, senior market analyst at OANDA, a Canadian-based foreign exchange company, in a note to investors.

Tweet This Click to share quote on Twitter: "The lead-up to the U.S. presidential election was always expected to be lively but the events of the last couple of days has seriously taken its toll on investor sentiment," wrote Craig Erlam, senior market analyst at OANDA, a Canadian-based foreign exchange company, in <a href="http://www.marketpulse.com/20161102/trump-risk-takes-its-toll-ahead-of-the-fed/">a note to investors</a>.

One way volatility in the market is measured is with Vix, the Chicago Board Options Exchange “volatility index” sometimes referred to as the “fear gauge” in the market.

As CNBC reported Tuesday, the “fear gauge” had climbed more than 40 per cent over the last six days.

What has spurred the dramatic volatility in the global marketplace? Enter FBI Director James B. Comey.

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Comey revealed Friday that FBI investigators had found more emails that could be related to Democratic candidate Hillary Clinton’s use of a private email server while secretary of state. The emails were discovered while investigators were looking into child pornography charges against Anthony Weiner, the estranged husband of top Clinton aide Huma Abedin.

The disclosure has rejuvenated the struggling Trump. A recent Washington Post-ABC News tracking poll found Donald Trump had a one point lead over Clinton.

“Since the FBI reopened its case into Hillary Clinton’s emails last Friday her substantial lead in the polls has been decimated,” Erlam said in a separate note. “It’s been clear for some time now that markets would much prefer the stability that a Clinton victory would bring for the US economy and the reaction over the last 24 hours or so since the polls started to change so dramatically just confirms this.”

*With files from the Associated Press