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Trump campaign has lost the lawsuit seeking to halt vote-counting in Michigan, Reuters reported on Thursday, citing an oral order from Michigan Court of Claims Judge Cynthia Stephens. She further noted that a written ruling is likely to be issued on Friday.

According to the Associated Press, former Vice President Joe Biden has 50.6% and US President Donald Trump has 47.9% in the state of Michigan with 99% of votes tallied so far.

Market reaction

The S&P 500 Index (SPX) edged slightly higher on this headline and was last seen gaining 2.1% on the day at 3,515.