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Treasuries jumped, sending the 10-year yield to the biggest drop since April, and the dollar strengthened amid uncertainty over who will be the next American President.

Equities were marked by sharp volatility throughout the day. Election results so far suggest Congress is likely to stay divided, and for investors, it means that it’ll likely be harder for lawmakers to approve a big new stimulus deal. Futures on the tech-heavy Nasdaq 100 Index, sometimes viewed as a defensive sector, jumped 2.5%, while contracts on the small-cap Russell 2000 Index sank 1.8%.

“The uncertainties associated with a disputed election were what investors feared the most,” Nathan Sheets, chief economist at PGIM Fixed Income, wrote in a note to clients. “Blue-Wave scenarios are now off the table and the probability of gridlock has risen.”

Reflation Bets Are Being Unwound as Traders Reel From U.S. Vote

© Bloomberg S&P 500 futures, 10-year yields swing as election count continues

Futures on the S&P 500 swung between gains and losses during the European morning. Prices took a hard dive and then later recovered after Trump falsely claimed victory and threatened to ask the Supreme Court to intervene in the election.

With millions of votes in battleground states still being counted, it’s clear that the election is turning out to be messier and more drawn-out than Wall Street had hoped.

Elsewhere, the offshore yuan and Mexican peso retreated and gold slipped. In Asia, Alibaba Group Holding Ltd. tumbled 7.5% in Hong Kong after China halted the initial public offering of Ant Group Co., in which Alibaba owns about a one-third stake.

Follow along here for our real-time news updates and analysis.

Read more on the election and markets

Video: September factory orders rise 1.1 percent, slightly better than forecasts (CNBC)

September factory orders rise 1.1 percent, slightly better than forecasts
What to watch next

These are some key events coming up:

EIA crude oil inventory report on Wednesday.Federal Reserve policy decision on Thursday.The key U.S. non-farm payrolls report is due Friday.Earnings are due this week from companies including Bristol-Myers Squibb Co., AstraZeneca Plc and Nintendo Co. on Thursday; Macquarie Group Ltd. and Toyota Motor Corp. are set for on Friday.

Here are the main moves in markets:

Stocks

Futures on the S&P 500 Index gained 0.4% as of 6:11 a.m. New York time.The Stoxx Europe 600 Index surged 2.3%.The MSCI Asia Pacific Index rose 0.5%.The MSCI Emerging Market Index increased 0.3%.

Currencies

The Bloomberg Dollar Spot Index rose 0.2% to 1,169.The euro declined 0.1% to $1.1698.The British pound fell 0.5% to $1.3.The Japanese yen weakened 0.1% to 104.59 per dollar.

Bonds

The yield on 10-year Treasuries sank 11 basis points to 0.79%.The yield on two-year Treasuries decreased one basis point to 0.15%.Germany’s 10-year yield declined two basis points to -0.64%.Britain’s 10-year yield climbed five basis points to 0.272%.

Commodities

West Texas Intermediate crude increased 1% to $38.54 a barrel, the highest in more than a week.Gold weakened 1.1% to $1,888.61 an ounce.

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