Trump stocks, Bitcoin, and other assets are moving in the late night trading session. The latest on the U.S. election.

U.S. election day arrives.

U.S. stocks opened higher on Tuesday, with the Dow Jones Industrial Average up 0.21%, the Nasdaq Composite up 0.63%, and the S&P 500 up 0.45% as of the time of writing.

On the news front, more than 20 states in the U.S. have opened voting stations for the 2024 presidential election, including North Carolina, Delaware, Georgia, Michigan, Pennsylvania, and Massachusetts.

According to CCTV's website, the U.S. is set to see the most evenly matched presidential election in history, which may delay the announcement of the election results.

Trump-related stocks were strong in the early trading, with Trump Media & Technology Group up more than 15% at one point, and up more than 12% as of the time of writing.

Bitcoin rallied sharply, up 2.33% to $70,014 per coin.

U.S. crypto stocks were strong in the early trading, with Micro Strategy up nearly 9%, Clean Spark up more than 5%, and MARA Holdings up nearly 5%.

Chinese assets continued to strengthen. The Nasdaq Golden Dragon China Index rose more than 2%, Kingsoft Cloud rose nearly 15%, Bilibili rose 5.8%, iQIYI rose 5.3%, Xpeng Motors rose 4.5%, and Good Future rose 3.7%. The FTSE China 3x Leveraged ETF rose nearly 8% before the U.S. market opened, and the CSI 300 2x Leveraged ETF rose nearly 6%.

Baxter Asset Management raised its rating on Chinese and U.S. stocks from neutral to overweight, citing strong economic prospects. Luca Paolini, the firm's chief strategist, said in a report that "now is a good time to upgrade the rating on Chinese stocks, given the positive impact of China's monetary stimulus on the economy and the expected support from fiscal policy." The strategist also downgraded his rating on Japanese stocks from overweight to neutral, citing rising political risks.

U.S. bonds fell, and an indicator of bond volatility rose to its highest level in a year. The 10-year bond yield rose as high as 4.32%, approaching a three-month high, and strategists and investors warned that the election results could cause significant market volatility. The U.S. dollar index fell 0.2%. The volatility of exchange rates also rose sharply, with the cost of hedging against the euro rising to its highest level in more than four years.

In addition to the election, investors are waiting for the U.S. Federal Reserve's November interest rate decision, which is due to be released on Thursday local time. Fed Chairman Jerome Powell will provide his latest views on the future policy direction in the statement. The CME Group's "FedWatch Tool" shows that the market expects a 25-basis-point cut after the 50-basis-point cut in September, with a probability of 98%.