Dow, Nasdaq Futures Race Higher As Trump Wins White House: DJT, Tesla Shares Surge — Veteran Investor Predicts US Economy Could 'Take Off'
U.S. stocks could witness a strong opening on Wednesday after former President Donald Trump emerged victorious after a long-drawn battle with Joe Biden and Kamala Harris.
With Trump returning as the U.S. President, futures of all three major indices were strongly in the green on Wednesday, pointing to upbeat sentiment on Wall Street.
The Associated Press called a Republican win in three out of seven key swing states, North Carolina, Pennsylvania, Georgia, and Wisconsin. While Michigan and Arizona are still in play, trends lean toward Trump here, too.
Shares of Trump's social media company, Trump Media & Technology Group Corp. (NASDAQ:DJT), and his billionaire ally, Elon Musk's Tesla Inc. (NASDAQ:TSLA), surged in premarket trading on Wednesday.
While Trump Media shares were up over 33% in premarket trading, Tesla shares were up over 14% at the time of writing.
Futures
Performance (+/-)
Nasdaq 100
1.74%
S&P 500
2.27%
Dow Jones
2.87%
R2K
6.16%
In premarket trading on Wednesday, the SPDR S&P 500 ETF Trust (NYSE:SPY) gained 2.33% to $590.23 and the Invesco QQQ ETF (NASDAQ:QQQ) rose 1.82% to $501.15, according to Benzinga Pro data.
Cues From Last Session:
All three major indices ended the Tuesday session on a positive note, with the tech-heavy Nasdaq Composite surging the most.
Oil prices eased at the prospect of a Trump win resulting in a stronger U.S. dollar.
Treasury yields popped at the prospect of a Trump victory. The benchmark 10-year yield rose to levels last seen in July.
According to the CRFB's central estimate, Trump would increase the national debt by $7.75 trillion between 2026 and 2035, leading the government to issue more bonds to fund the deficit.
All sectors on the S&P 500 closed on a positive note, with consumer discretionary, industrials, ...