Stocks were poised for a booming rally Wednesday as Donald Trump won the 2024 presidential election.Futures on the Dow Jones Industrial Average soared 1,231 points, or about 2.9%. S&P 500 futures gained 2.1%, and Nasdaq 100 futures climbed 1.7%. The last time the blue-chip Dow jumped more than 1,000 points in a single day was in November 2022.NBC News projects that Trump will defeat his Democratic rival, Kamala Harris, after winning 276 Electoral College votes, including key swing states of Pennsylvania, North Carolina and Georgia. Follow CNBC’s 2024 election live blog here.Investments seen as beneficiaries under a Trump presidency erupted as the former president appeared set to claim victory. Tesla, whose CEO Elon Musk is a prominent backer of Trump, saw shares surge 13% in premarket trading. Bank shares got a boost with JPMorgan, Bank of America and Wells Fargo all jumping at least 6%.Futures for the small cap benchmark Russell 2000 jumped 6%. Small companies, which are more domestic-oriented and cyclical, are believed to enjoy outsized benefits from Trump’s tax cuts and protectionist policies.Bitcoin, which could benefit from relaxed regulation, soared to an all-time high of $75,000. The dollar index climbed to its highest level since July on the belief that Trump’s proposed tariffs against major U.S. trading partners would boost the greenback. The 10-year Treasury yield surged to around 4.43% on speculation Trump’s proposed tax cuts and other spending plans would spark economic growth, but also widen the fiscal deficit and reignite inflation.Shares of Trump Media & Technology Group, a social media company closely tied to Trump, surged a whopping 37% in premarket trading.
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