Traders across an array of asset classes in financial markets were positioning in a way that made it clear they had come to the same assumption long before Tuesday evening’s election results are finalized: that Republican Donald Trump would likely take the White House.

Futures tied to all three major US stock indexes jumped, as did futures on the small-cap Russell 2000 index. US government debt aggressively sold off, sending the benchmark 10-year yield back to its highest level in four months.