The markets are shedding value tonight as the country watches a nail-biter of a presidential election, with a Trump victory extremely likely.
It's not that the Street necessarily believes a Trump presidency would be bad for the economy, it's that such an eventuality introduces lots of economic uncertainty, and investors hate uncertainty. While investors have a pretty good idea of what a Clinton economic agenda would look like, they have far less idea of what Trump has planned.
Dow futures fell more than 833 points as the possibility of a Trump win grew during the evening. S&P 500 futures fell more than 5% before midnight EST. The Mexican peso was off roughly 13.0% at 20.6879 per dollar before midnight EST. The Japanese Nikkei plunged 900 points.
In short, the effect of this election night on the markets is causing a "double Brexit."