Markets in Turmoil as Election 2016 Results Reported

rt-market-japan-01-as-161108_12x5_1600Markets like certainty, and the 2016 election results are anything but certain. Global markets were caught off-guard and are now in disarray.

Dow futures are down more than 780 points around midnight Eastern Time. If that sticks into trading on Wednesday, it will be comparable to the darkest days of 2008 — in the midst of the financial crisis. For comparison, the Dow lost 778 points (about 7 percent) on Sept. 29, 2008, its worst day in history.

S&P 500 futures (another U.S. stock index) were down about 5 percent at midnight Eastern Time.

As we reported on Nov. 3, markets had been expecting Clinton to win the election.

The exchange rate between the U.S. dollar and the Mexican peso — a bellwether for this election cycle — has plunged more than 11.5 percent as of midnight Eastern Time. It’s the biggest intra-day drop since 2008, according to Bloomberg Markets.

The value of the peso hit an all-time low on Tuesday night, according to Reuters.

Gold — the go-to safe haven asset for investors looking for somewhere to stash money during uncertain times — was up more than 4.3 percent at midnight.

Oil was down almost 4 percent at midnight Eastern Time.

The tightness of the election isn’t just causing market turmoil in the U.S.

Across the world, investors are scrambling to re-calibrate their positions after predicting a Clinton victory for weeks.

The Nikkei, a major Japanese stock index, was down more than 5.5 percent around 12:45 a.m. Eastern Time on Wednesday.

Hong Kong’s Hang Seng index was off more than 3 percent at the same time.

This is a developing story that will be updated. Please check back for the latest.