Stock markets are not handling Election Night well.

Futures for the Dow Jones Industrial Average DJIA, -1.42% plunged as Republican presidential nominee Donald Trump’s lead widened in the presidential race against Democratic rival Hillary Clinton.

Trump racked up victories in several key battleground states, namely Florida and Ohio. The focus turned to Wisconsin and Michigan, where Trump is threatening to break Clinton’s so-called Wall of Blue.

Dow futures US:YMZ6 fell 750 points before modestly paring gains. They were down 728 points, or 4%, at 17,554 in recent trade. S&P 500 futures US:ESZ6 were down 97.25 points, or 4.6%, at 2,038. Meanwhile, the Nasdaq-100 futures were off 220 points, or 4.5%, at 4,584.

The U.S. dollar USDJPY, +0.41% slumped 3% to ¥101.79. The ICE U.S. Dollar index, a measure of the dollar’s strength against a basket of six rivals, was off 1.7% at 96.16.

Futures for the CBOE Volatility Index US:VIXZ6 rose 40%, reflecting the precipitous drop in U.S. stocks.

Asian stocks fell sharply, with Hong Kong’s Hang Seng Index HSI, +0.10% down 646 points, or 2.8%, at 22,262. The Nikkei 225 NIK, -0.05% slid 697 points, or 4.1%, to 16,477. Australia’s all-ordinaries index XAO, +2.30% was off 126 points, or 2.4%, at 5,216.

See:Live results show Trump on a roll across battleground states

Meanwhile, the Mexican peso USDMXN, +2.73% plunged more than 11% to a record low at 20.30 pesos to the dollar. It was the currency’s largest daily drop since the so-called Tequila Crisis, according to the Financial Times.

Investors were clearly unprepared for Trump to perform so strongly, making it the second time this year that markets have mispriced the odds of a major vote in one of the world’s largest economies. The first was the U.K.’s vote to leave the European Union on June 23.

“Back in June, the markets had all but priced in a U.K. vote to remain in the EU, this time it was a similarly favorable market outcome that traders were banking on—a Clinton victory—and it seems that once again, they may have got it wildly wrong,” said Craig Erlam, senior market analyst at Oanda.

Gold futures US:GCZ6 jumped 3.5% at $1,318, while Treasury yields TMUBMUSD10Y, 0.682% skidded 10 basis points at 1.755%.

West Texas Intermediate crude oil UK:WTCLF7 was down 3.3% at $43.51 a barrel.