New York (CNN Business)The global stocks rally is running out of steam as investors await more results from the US election.
US stock futures dipped during after-hours trading Thursday after ending the day in the green.
Dow (INDU) futures fell 91 points, or 0.3%. S&P 500 (SPX) futures were down nearly 0.4% and Nasdaq (COMP) futures fell nearly 0.5%.
Stocks in Asia took their lead from Wall Street: China's Shanghai Composite (SHCOMP) fell 0.5% on Friday, while Hong Kong's Hang Seng Index (HSI) and South Korea's Kospi (KOSPI) were mostly flat but trending down. Japan's Nikkei (N225) was the region's best performer, rising 1%.
Vote counts continue to roll in from six states that CNN has yet to call, and President Donald Trump's lead has narrowed in the key states of Pennsylvania and Georgia. Trump's campaign has also launched a series of lawsuits in key battleground states.
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Earlier Thursday evening in the United States, Trump publicly addressed the nation and the close race for the White House. During his address, Trump baselessly claimed the presidency was being stolen from underneath him as vote counts showed his path to victory disappearing.
"The final outcome may be subject to the US courts but the market is taking its lead from what looks like a Democrat in the White House who presides over a divided government," Kerry Craig, global market strategist at JP Morgan Asset Management, wrote in a research note Friday. He added that the state of the race "suggests that we are likely to see more compromise."
Craig said markets' attention will soon turn to the rising number of Covid-19 cases in the United States, and the fiscal support that is needed to help Americans hit by the pandemic.
Stocks climbed during regular trading on Thursday — and all three indexes are now trending toward their best week since April. The S&P 500 is on track for its best election week performance since 1932. The Dow closed Thursday up 543 points, or 2%, while the S&P 500 climbed 1.9%. The Nasdaq Composite ended 2.6% higher.
Even though a delayed US election result was deemed the "nightmare scenario" before the vote, stocks have rallied every day this week.
Meanwhile, another 751,000 Americans claimed first-time jobless benefits last week, the Labor Department reported Thursday. That's down slightly from the prior week, though it was a less encouraging report than economists had expected.
Coming Friday, the US Department of Labor is set to release the US jobs report for October.
-- CNN's Anneken Tappe, Matt Egan and Kevin Liptak contributed to this report.
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