Donald Trump has become the most likely candidate to win today's US election

Donald Trump looks to be the most likely candidate to win today's US election, and as a response, the market has fallen hard with risk aversion being the name of the game.

While the falls have been sharp, the extension of losses in risk assets might be just the beginning, as the market comes to the realization of a possible Trump presidency.

At the moment, Trump is leading in Michigan (50.0% vs 44.9%), with 21% votes in, while in Virginia the lead is marginal (47.7% vs 47.2%) with 73% votes in.

Should Clinton lose either state mentioned above, Trump will with all likelihood be the winner. If Clinton can pull it off, she must take Nevada, currently state where a lawsuit has been filed by the Trump campaign claiming some polling stations were improperly open after early vote hours.

However, a Nevada judge has recently refused to give order sought by Trump campaign in improper voting suit, CNBC reported.