RNZ reports investors have started to sell risky assets, such as shares and commodities, and are chasing the security of currencies such as the Japanese yen and Swiss franc and gold.
The markets had started the day banking on Mrs Clinton winning, but the strong showing for Mr Trump in swing states such as Florida and Ohio has seen markets overturn early modest gains and head lower.
The New Zealand sharemarket, which was up about 0.3 percent in early trading has fallen nearly 2 percent in less than an hour.
