S&P 500 futures drop 1% as President Trump's odds of winning a second term improve

The US stock futures are taking a hit with betting markets showing a marked improvement in President Donald Trump’s reelection odds. 

At press time, the S&P 500 futures are down 1% and the safe-haven dollar is gaining ground. 

The risk-off moves accelerated a few minutes before press time on reports that Trump has gained a lead over Democratic candidate in Ohio. Trump is also projected to score a victory in the key state of Florida. 

Meanwhile, odds of Trump winning the election now stand at 65% versus 36% for Biden, according to data source SMarkets. 

The sell-off will likely worsen if Trump continues to gain ground, forcing markets to price out prospects of Biden winning elections and approving a bigger fiscal stimulus package.