The dollar spiked, bitcoin hit a record high, and US stock futures soared early Wednesday at the prospect of another Donald Trump presidency and a possible red sweep of Congress. Futures on the Dow Jones Industrial Average soared 1,254 points, or about 2.9%. The last time the Dow jumped more than 1,000 points in a single day was two years ago, per CNBC. S&P 500 futures climbed 2.4% and Nasdaq 100 futures were up 1.8%. Meanwhile, index futures on the Russell 2000 Index, the benchmark for smallcap stocks, soared 6.2% to their highest levels since early 2022, per Reuters.
"Historically, stock markets fall in the weeks leading up to the election and then rally once a result is known," per the New York Times. But the showing early Wednesday is borne of the view "that domestically-oriented economic growth will grow more rapidly, corporate tax rates will stay low and borrowing rates will come down" under Trump, per CNBC. "If Republicans take both chambers, Trump could have more room to cut corporate taxes—a potential boost for investor confidence," market specialist Russell Shor tells Reuters. The US dollar index was up 1.4%, while the 10-year Treasury yield rose to a four-month high of 4.47%, per Reuters.
Shares of Trump Media & Technology Group shot up 50% in premarket trading, while Tesla—whose CEO Elon Musk donated almost $75 million to a Trump-aligned super PAC and was alongside Trump as he announced victory—saw shares jump 13%, per CNBC. Shares for major banks JPMorgan, Bank of America, and Wells Fargo were up at least 6% in premarket trading, while bitcoin hit a record high, jumping nearly 8% to $75,345 before falling to around $73,500, per the AP. Initially skeptical about cryptocurrencies, Trump said on the campaign trail that he planned to turn the US into a "bitcoin superpower." (More stock market stories.)
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