(Bloomberg) — A global equity rally showed signs of stalling on Friday as the U.S. election count continued. The dollar edged up from its lowest in more than two years.U.S. and European futures retreated, while a gauge of Asia-Pacific shares edged higher. Stocks rose in Japan and Australia and slipped in China. The S&P 500 climbed almost 2% Thursday and is headed for its best week since April. The tech-heavy Nasdaq 100 is up over 9% this week.Gold and crude oil declined and Treasuries were little changed. The yen steadied after rising past the closely watched 104 per dollar level. Federal Reserve officials kept interest rates near zero and made no change to asset purchases while stressing that the U.S. economy needs more fiscal and monetary policy support.Votes are still being tallied in a handful of key U.S. states, with Democrat Joe Biden potentially needing to win just one to unseat President Donald Trump. The president questioned the credibility of the election, complaining that public polls had overstated Biden’s lead in many battlegrounds states.“The market reaction to the unfolding election news suggests that financial markets would prefer to see a constrained Biden presidency,” said Paul O’Connor, head of multi-asset at Janus Henderson Investors. “The economic backdrop to this election is one of an incomplete global recovery that remains threatened by the continued spread of Covid-19 in many major economies as well as fast-fading fiscal support measures.“The U.S. became the first country to top 100,000 coronavirus infections in a single day as Fed Chair Jerome Powell warned that mounting infection rates are a risk to the recovery. France warned of a “violent” second wave as it joined European countries including Italy and Poland in reporting new highs in daily infections.Elsewhere, Bitcoin climbed to over $15,000, more than doubling its value in 2020.These are some key events coming up:The U.S. non-farm payrolls report is due Friday.Earnings are due from companies including Toyota Motor Corp.These are some of the main moves in markets:StocksS&P 500 futures dipped 0.5% as of 12:35 p.m. in Tokyo. The gauge rose 2% on Thursday.Japan’s Topix index rose 0.6%.Hang Seng index slipped 0.2%.Shanghai Composite dropped 0.7%.Euro Stoxx 50 futures retreated 0.6%.CurrenciesThe Bloomberg Dollar Spot Index added 0.1% after slumping 1% on Thursday.The yen was at 103.44 per dollar.The offshore yuan traded at 6.6240 per dollar, down 0.2%.The euro bought $1.1824.BondsThe yield on 10-year Treasuries held at about 0.77%.Australia’s 10-year yield rose two basis points to 0.76%.CommoditiesWest Texas Intermediate crude fell 2.1% to $37.96 a barrel.Gold fell 0.6% to $1,938.21 an ounce after surging 2.5% on Thursday.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.