U.S. stock futures rallied as Donald Trump appeared to defeat Vice President Kamala Harris in one of the most contentious elections in U.S. history.
Dow futures spiked over 1,000 points, before pulling back, as Trump took the stage at his headquarters in Florida, thanking his supporters and promising to restore the country.
"We're going to pay you back. We are going to do the best job. We're going to turn it around. It's got to be turned around, and it's got to be turned around fast. And we're going to turn it around" said Trump.
The S&P 500 and Nasdaq futures also jumped over 1% in the early morning.
Trump invited JD Vance, the presumptive new vice president, to the podium to speak, and he spoke about reviving the U.S. economy, a top election issue.
"We're going to lead the greatest economic comeback in American history. Under Donald Trump's leadership", Vance told the crowd.
Americans have been dealt a hand of sky-high inflation in recent years. While it has come down from its 9% peak, prices for everyday items such as food remain elevated.
Fox projects Donald Trump and Sen. JD Vance of Ohio have been elected the next president and vice president of the United States. The pair spoke at an election night event at the Palm Beach Convention Center in West Palm Beach, Fla., Wednesday, Nov. (Eva Marie Uzcategui/Bloomberg via Getty Images / Getty Images)
Even before Trump appeared to emerge as the winner, stock futures were steadily climbing, building on a rally Tuesday in which all three of the major market averages rose over 1% as all the major sectors in the S&P 500 locked in gains.
"What the outcome of an election does is to provide us some certain amount of falling uncertainty" said Fisher Investments Chairman and founder Ken Fisher during an interview on ‘Cavuto Coast to Coast’ ahead of the election outcome, referring to either party winning.
Markets climbed heading into the election, with the S&P 500 and Nasdaq Composite up over 20% annually, while the Dow is up 12%.
Trump also praised Tesla CEO Elon Musk, calling the world's richest man a new star. Musk hit the campaign trail for Trump, most recently headlining a rally at Madison Square Garden in New York City. Trump also spoke highly of Dana White, CEO of the UFC, another staunch supporter.
Tesla and SpaceX CEO Elon Musk speaks at a rally for Donald Trump at Madison Square Garden in New York Oct. 27, 2024. (Angela Weiss/AFP via Getty Images / Getty Images)
Cryptocurrencies were also riding a wave as Bitcoin touched a new all-time high, trading above the $73,000 level. While both Trump and Harris were considered pro-crypto, investors leaned toward Trump being more favorable towards the industry.
Annually, the largest cryptocurrency by market value is up more than 90% from its 52-week low of $35,027.44 hit on Nov. 6, 2023, according to Dow Jones Market Data.