Donald Trump has won the 2024 presidential election, defeating Vice President Kamala Harris. Trump secured the 270 electoral votes needed for victory after winning key battleground states like Pennsylvania, North Carolina, and Georgia. As the election results rolled in, US stock futures surged.
The Dow Jones Industrial Average futures jumped nearly 1,200 points or about 2.9%. The S&P 500 futures gained 2.4%, while the tech-heavy Nasdaq futures climbed 1.8%. The small-cap Russell 2000 index futures, seen as a beneficiary under Trump, soared 6%.
Companies tied to Trump also saw significant gains. Digital World Acquisition Corp., majority-owned by Trump, and Tesla, whose CEO Elon Musk is a Trump supporter, both rallied in premarket trading. Republicans have also secured control of the Senate, which could lead to friendlier policies for banks and changes in tax policy.
The race for the House remains close.
Markets surge as Trump wins presidency
Bond yields rose on speculation that Trump’s economic policies could spark growth.
The 10-year Treasury yield climbed to 4.4% from 4.28%. The dollar strengthened against major currencies like the yen and euro. Bitcoin reached a record high of $75,345 as investors bet on Trump’s support for cryptocurrencies.
However, it later fell back to around $74,520. Global markets had a mixed reaction. Japan’s Nikkei 225 gained 2.6%, while Hong Kong’s Hang Seng fell 2.2%.
European indices like the DAX, CAC 40, and FTSE 100 all rose over 1%. In a speech, Trump pledged to “help our country heal” amid the divided political climate. The full election results may take days as officials count all the votes, but investors are already repositioning in anticipation of Republican policy changes.
