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Dow futures nosedive as election jitters put global markets into panic mode

U.S. stock index futures tumbled on Wednesday, with investors across the world on edge, as Donald Trump secured the White House.

The Dow Jones industrial average plunged as more than 800 points on first indications of a Republican victory, however, around 3.30 a.m. ET, U.S. futures pared some losses with Dow futures trading down 345 points, the S&P 500 futures slipped 48 points while the Nasdaq e-mini futures tumbled 130 points.

In recent weeks, financial markets both domestically and across the globe had been largely pricing in a victory for Clinton over the Republican nominee. However as election results rolled in on Wednesday, markets were in freefall.

U.S. futures were volatile as election results started rolling out at around 7 p.m. ET. Dow futures were up as much as 100 points at one point before falling as state after state were projected to have picked the Republican candidate.

Just before 3.00 a.m. ET, Hillary Clinton called Donald Trump to concede the presidential election after a stunning turn of events in Tuesday's contest, NBC News reported. Shortly after that, NBC News called the presidency for Trump.

For more coverage from the U.S. Election, follow CNBC's "World Market Live" blog and CNBC's "Your Money, Your Vote".

US President-elect Donald Trump arrives at the New York Hilton Midtown in New York on November 8, 2016.
SAUL LOEB | AFP | Getty Images
US President-elect Donald Trump arrives at the New York Hilton Midtown in New York on November 8, 2016.

Currencies have been on a roller-coaster too, with the Mexican peso having tumbled more than 12 percent against the U.S. dollar, hitting record lows during trade. After the sharp declines seen in the peso, Mexico's central bank said it would hold a joint press conference with the finance ministry at 8.00 a.m. EST on Wednesday; Reuters reported. Meanwhile, the euro and sterling posted gains against the U.S. currency.

Looking to commodities, crude futures sank on election jitters on Wednesday with U.S. WTI and Brent both trading in the red at $44.38 and $45.50 respectively, as of 3.25 a.m. ET. Meanwhile gold jumped almost 5 percent on Wednesday as investors sought safe havens, marking its biggest single-day increase since June when the U.K. voted to leave the European Union. Silver also outperformed.

Traders on Wall Street aren't the only ones jolted. Markets across the globe are seeing red, with European stocks tumbling during its morning trade. As of 3.25 a.m. ET, the pan-European STOXX 600 fell 1.25 percent, while Asia-Pacific indexes finished in the red overnight. The Nikkei 225 sank more than 5 percent, while Chinese markets also ended in negative territory.

When the news surrounding the U.S. election begins to settle down, the Federal Reserve will be back on the mind of investors, with the world wondering whether the central bank will choose to raise interest rates this year.

On Wednesday, two Fed officials are penciled in to make speeches, with Minneapolis Fed President Neel Kashkari set to speak at 1.30 p.m. ET, and San Francisco Fed President John Williams is expected to speak at the University of San Francisco in the evening.

While the U.S. election is set to be the only show in town for markets, there are a number of companies reporting earnings on Wednesday. Viacom, Wendy's, Mylan and Shake Shack are all set to report.

Norwegian Cruise Line Holdings, Energizer, NetEase, Sun Life Financial, Kite Pharma, SunPower, TeleTech, The Container Store and Virtusa are also releasing results.

Mortgage Applications and Wholesale Trade are also due, coming out at 7.00 a.m. ET and 10.00 a.m. ET respectively. The U.S. Treasury is also set to auction of $23 billion in 10-year notes on Wednesday.

CNBC's Patti Domm, Jacob Pramuk and Reuters contributed to this report.

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