U.S. stock futures rallied sharply early Wednesday as the presidential election results pointed to a likely win for Donald Trump and Republican control of the Senate.
Reliably Republican and Democratic states have fallen into Trump’s and Kamala Harris’s columns. But top swing states Pennsylvania, North Carolina, and Georgia were called for Trump, putting him on the cusp of victory. Prediction markets are already pricing nearly 100% odds of a Trump win.
U.S. stock futures rallied sharply early Wednesday as results from the presidential election pointed to a likely win for Donald Trump and Republican control of the Senate.
Reliably Republican and Democratic states have fallen into Trump’s and Kamala Harris’s columns. But top swing states Pennsylvania, North Carolina, and Georgia were called for Trump, putting him on the cusp of victory. Prediction markets are already pricing nearly 100% odds of a Trump win.
Futures for the Dow Jones Industrial Average climbed 956 points or 2.2%, the S&P 500 gained 1.9%, and the Nasdaq added 1.7%.
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The so-called Trump trade rebounded after retreating on Tuesday and Monday. The greenback rose, with the U.S. Dollar Index up 1.5%. The 10-year Treasury yield jumped 10 basis points to 4.38%, and Bitcoin surged 6% to $73,730 after briefly hitting $75,000.
Those assets have followed Trump’s political prospects because his tariffs, tax cuts, and immigration crackdown are seen as inflationary, limiting the Federal Reserve’s ability to lower rates further, while he has also rebranded himself as a champion of the crypto sector.
Meanwhile, shares of Trump Media and Technology soared 10% in after-hours trading after closing lower in the regular session amid volatile trading. Tesla climbed 3.5% as CEO Elon Musk has been a top Trump backer, while solar stocks fell as renewable energy stocks could see a rollback of climate initiatives.
