Wall Street Panics Over Trump Presidency
By Alanna Petroff
NEW YORK, NY (CNN) -- Trump win shocks Wall Street: Donald Trump's victory in the U.S. election is causing Wall Street to panic.
U.S. stock futures are dropping as traders consider a future with Trump in the White House.
The Dow Jones industrial average, S&P 500 and Nasdaq are all down by roughly 2% to 3% ahead of the open. Losses were more dramatic earlier in the night with Dow futures plunging more than 800 points.
Dow futures are now off by only about 300 points.
Investors are concerned about Trump's unpredictable nature and anti-trade stance, which could result in global turmoil during his presidency. But there are hopes that President Trump will be different than candidate Trump.
"The first speech by President elect Trump has had a calming effect on the markets," said Kathleen Brooks, a research director at City Index in London. "Trump definitely sounded more presidential than he has done at any stage during the election campaign."
It's worth noting that regardless of which candidate wins, stocks typically sell off the day following an election. Case in point: The S&P 500 dropped just over 5% the day after President Obama was elected in 2008.
Looking abroad, European markets posted minor declines in early trading, with many indices down by 1% to 2%.
Asian markets closed out the day in the red. Tokyo's Nikkei led the declines with a 5.4% loss.
The main Middle Eastern markets also declined by about 1%.
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