U.S. stock futures surged as Donald Trump appeared to secure victory over Vice President Kamala Harris in a highly contested election in U.S. history.
Dow Futures Surge: 3:30 a.m. ET
Dow futures initially spiked over 1,000 points, then pulled back as Trump addressed his supporters at his Florida headquarters, promising to bring about change and restore the nation.
“We’re going to turn it around and do the best job. It’s got to be turned around fast, and we’re going to make it happen,” Trump declared.
The S&P 500 and Nasdaq futures also saw a significant increase of over 1% in the early hours.
Dow Jones Industrial Average
Trump welcomed JD Vance, the expected new vice president, to the stage to discuss revitalizing the U.S. economy, a key focus of the election.
“Under Donald Trump’s leadership, we will lead the most remarkable economic recovery in American history,” Vance assured the audience.
Americans have faced challenges with high inflation in recent times, impacting prices of essential goods like food, despite a decrease from its peak of 9%.
Even before Trump’s apparent victory, stock futures had been on a steady rise, building on a Tuesday rally where all major market averages recorded over 1% gains with S&P 500 sectors showing positive growth.
“The election outcome reduces uncertainty and provides a sense of direction,” Ken Fisher, founder of Fisher Investments, shared in an interview on “Cavuto Coast to Coast” before the election results.
Markets showed positive momentum heading into the election, with S&P 500 and Nasdaq Composite witnessing over 20% annual growth, while Dow reported a 12% increase.
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S&P 500
Trump also commended Tesla CEO Elon Musk, labeling the world’s richest man as a rising star.
Musk actively campaigned for Trump, notably headlining a rally at Madison Square Garden in New York City. Trump also praised Dana White, UFC CEO and a staunch supporter.
Cryptocurrencies also experienced a boost as Bitcoin reached a record high above $73,000.
Although both Trump and Harris supported cryptocurrencies, investors leaned towards Trump for his favorable stance on the industry.
Bitcoin, the leading cryptocurrency by market value, has surged over 90% annually from its low of $35,027.44 on Nov. 6, 2023, as per Dow Jones Market Data.
