Futures gain as Biden takes lead of Democratic presidential race in Super Tuesday victories

Joe Biden took the lead of the Democratic Presidential race ahead of rival Bernie Sanders on Tuesday after winning in eight states, including two "upsets" in Massachussetts and Texas.

Biden, who also won the primaries in Virginia, North Carolina, Alabama, Tennessee, Oklahoma, Arkansas, and Minnesota made off with the most delegates to the Democratic nominating convention on Tuesday night.

Traders credited the former Vice President's comeback in the most critical night of the 2020 race so far for early gains in S&P 500 futures on Wednesday morning, which as of 1001 GMT were pointing 62.25 points higher to 3,059.25.

Nonetheless, his main contender, Bernie Sanders, who was touting what he termed as Democratic Socialism, did clinch the Democratic ticket in California, the single state that sends the most delegates to the Democratic nominating convention (Texas sends the second most), partially blunting Biden's victory.

As of 0700 GMT, Biden had gained 342 seats on 'Super Tuesday' taking his total to 395, against 245 for Sanders who now had 305, NBC reported.

Exit polling data showed that Biden was blowing away Sanders among African American voters. Biden won 63% of that group in North Carolina, according to NBC’s exit polls. Sanders was projected to win at least eight delegates.

The unexpected victories followed increased concern that Sanders was set to take the most delegates, especially in California and Texas.

Joe Biden's victories in Virginia and North Carolina early in the night were highly significant, suggesting that he is building a robust coalition, particularly across the South, where he enjoyed the support of many African American voters.

Minnesota had also been expected to go to Sanders.

Sanders and Biden did however remain locked in a tight race for Maine.

"Folks, things are looking awful good. For those that have been knocked down, counted out, left behind, this is your campaign. Just a few days ago the press and the pundits declared the campaign dead!" a pumped-up Biden roared to a crowd in Los Angeles.

"It's looking good, so I'm here to report we are very much alive. And make no mistake about it, this campaign will send Donald Trump packing."

Sanders spoke out to a crowd in home state Vermont on Tuesday and said: "Tonight I tell you with absolute confidence we are going to win the Democratic nomination and we are going to defeat the most dangerous President in the history of this country.”

Billionaire and former New York Mayor Mike Bloomberg came in third in the poll, followed by Massachusetts Sen. Elizabeth Warren.