U.S. equity futures surged pre-bell Wednesday after Donald Trump prevailed over Kamala Harris in the U.S. presidential election. The Dow Jones Industrial Average futures rose 3.1%, S&P 500 futures increased 2.3%, and Nasdaq futures were up 1.8%. Trump was elected the 47th U.S. president after securing at least 277 Electoral College votes, surpassing the 270 needed, as reported early Wednesday morning. Oil prices experienced a decline, with front-month global benchmark North Sea Brent crude down 2% at $74.00 per barrel while U.S.
West Texas Intermediate crude fell 2.3% to $70.34 per barrel. The Federal Open Market Committee begins its two-day policy-setting meeting this Wednesday. In international markets, Japan’s Nikkei closed 2.6% higher, Hong Kong’s Hang Seng ended 2.2% lower, and China’s Shanghai Composite finished down 0.09%.
In Europe’s early afternoon session, the UK FTSE 100 increased by 0.6%, while Germany’s DAX index rose by 0.1%. In the equity arena, shares of Tesla surged 12% pre-bell following Trump’s election victory. Electric vehicle maker Tesla, led by CEO Elon Musk, a known Trump supporter, reflected a positive market sentiment.
Meanwhile, Trump Media & Technology Group shares saw a significant increase of 25%. On the downside, Exact Sciences experienced a 17% drop after the company reported a net loss for Q3 and reduced its full-year 2024 sales outlook. Tango Therapeutics faced a more substantial decline, with shares dropping 34% following a report of a wider Q3 net loss..