U.S. stock futures soared early on Wednesday—with both the Dow and S&P 500 futures rising by more than 2%—as former President Donald Trump closed in on securing a second term in the White House.
U.S. stock futures surged as Trump closed in on an electoral college win.
Dow Futures were up more than 1,100 points in premarket trading early on Wednesday, up nearly 2.7% from market close.
S&P 500 Futures rose by 2.23% while the futures of the tech-focussed Nasdaq index surged by around 1.85%.
After ending Tuesday’s trading in the red, the shares of Trump Media & Technology Group—the parent company of Trump’s Truth Social platform—rose to nearly $42 in premarket trading, up more than 23.6%
Bitcoin hit an all-time high, exceeding $75,000, shortly after Trump emerged as the winner in the key swing states of Georgia and North Carolina, but the world's most valuable cryptocurrency has since settled at around $73,500.
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Trump has 267 electoral votes to Harris’ 224, putting him inches away from the 270 he needs to clinch the presidency, according to The Associated Press. A win in Wisconsin, Michigan, Nevada, Arizona or Alaska would win him the White House—and he’s ahead in all five.
With Trump on the cusp of winning and the Republican party flipping the Senate, all eyes will be on the House, the control of which still remains a tossup. According to CNBC, Goldman Sachs predicts a GOP trifecta could lead to a 3% surge in the S&P 500 while a divided Congress would pare that down to 1.5%.