On Tuesday night, Nasdaq stock futures were volatile as results of the American Presidential election rolled-in, showing a tight race between Donald Trump and Joe Biden. Futures of the Nasdaq-100 index, home to most large tech company stocks, advanced the most by over 3 percent. Likewise, S&P 500 futures gained 1.6 percent and Dow Jones Industrial Average was up 0.6 percent. The swift rally in Nasdaq 100 futures prompted an exchange-mandated two-minute trading pause.

While Biden was ahead of Trump in the elections leading up to Tuesday, the current President looks set to carry many contested battleground states that would be imperative to his re-election opportunities. The race for control in the Senate is on as Biden turns to the Midwest for support.

Volatility has been seen in the market in the week that led up to the election results day as investor’s expectation to avoid a delayed or contested result so as to clear winner emerges. While investors are expecting for a relatively quick decision on who will prevail, experts forecast that a surge in mail-in ballots has made it more likely that some states would not be able to declare a winner on Tuesday. This exposes markets to high volatility as it tries to determine the next president.

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