Dow Jones Today: Stock Futures Soar As Investors React to Election Results; Bitcoin Hits Record High

Major U.S. stock indexes are poised to open sharply higher Wednesday as Republican Donald Trump has been projected to win the U.S. presidential election.

Futures tied to the Dow Jones Industrial Average were up 2.9%, while those linked to the S&P 500 and Nasdaq were up 1.9% and 1.3%, respectively. The indexes, which gained on Tuesday ahead of the results, are on track to hit record highs today after the surprisingly decisive victory for the former President over his Democratic opponent, Vice President Kamala Harris.

Tesla (TSLA) shares were among the big gainers in premarket trading Wednesday, rising 13%. Tesla CEO Elon Musk has been a vocal supporter of Trump and campaigned alongside the former President in recent weeks. Shares of Trump Media (DJT), the parent of the Truth Social platform, were up more than 30% this morning.

Shares of companies tied to cryptocurrency were also surging after bitcoin rose to record highs above $75,000 amid optimism that the asset class will get a boost from a Trump presidency. MicroStrategy (MSTR), one of the world’s biggest holders of bitcoin, cyrpto exchange Coinbase (COIN) and bitcoin miner Marathon Digital (MARA) were all up more than 10%.

Banking stocks were also up across the board amid expectations that a Trump presidency could lead to regulatory changes and more deal-making. Bank of America (BAC), JPMorgan Chase (JPM), Wells Fargo (WFC), Citigroup (C), Goldman Sachs (GS) and Morgan Stanley (MS) were all up more than 6%.

Among noteworthy moves by major technology stocks, AI investor favorite Nvidia (NVDA) and Alphabet (GOOGL) were up 1% and 2%, respectively, while Facebook parent Meta Platforms (META) slid nearly 1%.

Treasury yields, which have been rising in recent weeks as investors have scaled back their expectations for how aggressive the Federal Reserve will be in cutting interest rates, jumped as high as 4.48% this morning, up from 4.29% on Tuesday and its highest level since early July. The Fed, which cut rates in September for the first time in four years, is expected to trim its benchmark lending rate by a quarter percentage point at the end of its policy meeting Thursday.

Gold futures were down 1.5% to around $2,710 an ounce, while crude oil futures fell about 1%.