US stock futures rose as Donald Trump is expected to defeat Vice President Kamala Harris in one of the most controversial elections in US history.
Dow futures spike: 3:30 a.m. ET
Dow futures soared more than 1,000 points before falling after President Trump took to the stage at his Florida headquarters to thank his supporters and pledge to rebuild the country.
“We're going to give you your money back. We're going to do our best job. We're going to turn around. It's got to turn around, and it's got to turn around fast. And we're going to turn things around,” President Trump said.
The S&P 500 and Nasdaq futures also rose more than 1% in the morning.
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President Trump invited J.D. Vance, who will become the new vice president, to the podium and spoke about the revival of the U.S. economy, which is the most important issue in the election.
“Under Donald Trump's leadership, we will lead the greatest economic recovery in American history,” Vance told the audience.
Americans have been hit by soaring inflation in recent years. Although the rate has fallen from its peak of 9%, prices for daily necessities such as food remain high.
Even before Trump emerged as the winner, stock futures had been steadily rising, building on Tuesday's rally, with all three major market averages up more than 1% as all major sectors of the S&P 500 locked in gains. did.
Ken Fisher, chairman and founder of Fisher Investments, said in an interview with Kabuto Coast to Coast ahead of the election results, “What the result of the election brings is some reduction in uncertainty. ” he said.
Markets rose in the lead-up to the election, with the S&P 500 and Nasdaq Composite up more than 20% annually, and the Dow Jones Industrial Average up 12%.
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S&P500
President Trump also praised Tesla CEO Elon Musk, calling the world's richest man an emerging star.
Musk has appeared on Trump's campaign trail and recently headlined a rally at New York City's Madison Square Garden. President Trump also praised UFC CEO Dana White, another avid supporter.
Cryptocurrencies were also riding the wave, with Bitcoin hitting a new all-time high and trading above the $73,000 level.
Both Trump and Harris were seen as crypto advocates, but investors were more inclined to view Trump as more favorable to the crypto industry.
The largest cryptocurrency by market capitalization is up more than 90% from its 52-week low of $35,027.44 on Nov. 6, 2023, according to Dow Jones Market Data.
