US tech stocks set for further gains as election shakes up market

US tech stocks set for further gains as election shakes up market

Rally in government bonds continues on fading expectations of Democratic ‘blue wave’

Big US tech shares were set to rally and the dollar weakened as results of the election so far reshaped investors’ outlook for the path of the American economy and interest rates.

Futures tracking the Nasdaq 100 index jumped 2.5 per cent, signalling a further advance after the index that is weighted towards the biggest US tech groups soared 4.4 per cent on Wednesday. S&P 500 futures climbed 1.9 per cent while long-term Treasury prices advanced.

Shares in Facebook, which rose more than 8 per cent on Wednesday, added a further 2.5 per cent in pre-market trading, with Apple, Amazon and Google parent Alphabet also rising.

The dollar index, which measures the buck’s performance against six trading partners’ currencies, fell almost 0.9 per cent.