E-mini futures for the Dow, Nasdaq and S&P 500 all pointed higher at 7:25 a.m. ET, after news emerged that the U.K.'s snap election had ended in a hung parliament.
With U.K. Prime Minister Theresa May having called for an election earlier this year, her party, the Conservatives, had expected to strengthen their hand in the June 8 election, but have ended up losing a number of seats in parliament, meaning the election has shown no clear majority.
Since no party secured an outright majority, Britain is facing a hung parliament. That means multiple parties have to work together to hammer out a coalition government. This can also delay, or hurt, upcoming Brexit negotiations, as well as affect May's political future.
Those results sank the pound to a Friday session low of $1.2632. At 7:26 a.m. New York time, sterling traded at $1.2766, down 1.43 percent against the greenback. In markets, European bourses including the U.K.'s FTSE 100 were posting solid gains, however, the pan-European STOXX 600 was under slight pressure along with many sectors.
In Asia, trade finished mostly higher as investors paid close attention to the election result.