U.S. stock markets opened slightly lower Wednesday after Donald Trump's surprise win in the presidential election had originally sent stock futures down sharply.
As of 9:40 a.m. ET, the broad-based S&P 500 index was down 0.5 percent after looking to trend down 1.6 percent an hour before trading started as investors tried to digest the election outcome and its implications. The drop was less pronounced than earlier expected based on futures trading. Observers cited Trump's victory speech, in which he vowed to unite the country, as one factor that may have somewhat reduced investors' concerns.
Among Hollywood giants, Viacom shares were down 1.2 percent in early trading, 21st Century Fox's stock fell 1.3 percent, Walt Disney's stock was down 1.7 percent, CBS Corp. lost 1.9 percent and Time Warner dropped 2.2 percent. Time Warner was likely hardest hit as its $85.4 billion acquisition by AT&T is already seen facing regulatory concerns, and Trump has said he was opposed to the deal.
While traders traditionally have often seen Republican candidates as better for financial markets, markets saw Clinton as the status quo candidate, who wouldn't cause much volatility. Markets also never like surprises like the upset results. The market rallied in recent days amid latest polls that suggested a Clinton victory, with observers saying investors were concerned that Trump hadn't spelled out his policy ideas in much detail.
The U.S. stocks drop followed market declines abroad overnight. In Japan, the Nikkei index had closed down more than 5 percent overnight as Trump looked on track to pull off the win, and European markets later opened lower.