Donald Trump has won in the 2024 U.S. presidential election, making him the 47th president and the first to secure a non-consecutive second term since Grover Cleveland <a href="https://www.benzinga.com/news/24/11/41768178/donald-trump-defeats-kamala-harris-to-win-2024-election">in the late 1800s. </a>



The Republican Party also regained control of the Senate and holds a lead in the House of Representatives, with 198 seats to the Democrats&#8217; 180 as of early Wednesday morning.



Trump's victory paves the way for a significant shift in U.S. economic policy, highlighting the stark contrast between his and Kamala Harris's proposed approaches during the campaign. Trump&#8217;s policy direction includes ambitious tax cuts, higher trade tariffs, and potential rollbacks in climate initiatives, which could have significant economic implications for everything from inflation to the national debt.



Here's a breakdown of the seven key economic areas affected by the election outcome — and what was at stake had the results gone the other way.



<h2 class="wp-block-heading">1) Taxes</h2>



Tax policy was a major dividing line in the 2024 election.



Trump campaigned on a promise to extend and expand his 2017 Tax Cuts and Jobs Act (TCJA), with additional reductions for corporations and the restoration of the state and local tax (SALT) deduction. Trump also proposed exempting some forms of income from taxation and repealing green energy tax credits, aiming to attract more business investment and spur economic growth.



&#8220;Trump's plan to lower corporate taxes is likely to give a boost to the economy at the expense of a greater budget deficit. The U.S. economy certainly doesn't seem to need it at this point, and there's a risk of overheating,&#8221; said ABN Amro senior economist Rogier Quaedvlieg.



By contrast, Harris supported tax increases targeting corporations and high-income households.



Harris's proposals included raising the corporate tax rate from 21% to 28% and increasing the top individual income tax rate to 39.6% on income above $400,000 for single filers and $450,000 for joint filers. 



Harris also advocated taxing long-term capital gains and qualified dividends at 28% for incomes above $1 million and introducing a tax on unrealized capital gains at death above a $5 million threshold.



According to the Tax Foundation, Harris's tax plan could raise approximately $4.1 trillion in revenue over the next decade but could reduce long-term GDP by 2% and cost the economy about 786,000 full-time equivalent jobs.



<h2 class="wp-block-heading">2) Trade Policy</h2>



The two candidates presented vastly different visions for trade. 



Trump campaigned on a promise to impose a 60% tariff on Chinese goods and a universal 10% tariff on all imports. His rationale was to protect American manufacturing and reduce reliance on foreign imports, especially from China.



However, economists have warned that such aggressive tariffs could raise consumer prices and provoke retaliatory tariffs from U.S. trade partners.



"A full-scale implementation of Trump's tariffs will increase inflation and put the U.S. in a recession," Quaedvlieg said.



Erica York, senior economist at the Tax Foundation, highlighted that "tariffs are a particularly distortive way to raise revenue, especially as they invite foreign retaliation."



&#8220;Trade policy is the main channel by which the U.S. election could generate a global common shock,&#8221; wrote JPMorgan in a recent report.



In contrast, Harris supported a more moderate approach, which would involve targeted tariffs on specific industries to protect U.S. strategic interests, similar to the policies followed under the Biden administration.



Harris's plan focused on preserving trade relations with key U.S. allies while using tariffs selectively to support American industries. Analysts expected this approach to mitigate inflationary pressures and maintain a more stable global trade environment.



<h2 class="wp-block-heading">3) National Debt</h2>



The election outcome also set the tone for U.S. fiscal policy, particularly around the national debt. 



Trump's fiscal plans, which include extending tax cuts and potentially increasing defense and infrastructure spending, are projected to add significantly to the national debt burden.



According to estimates by the Committee for a Responsible Federal Budget (CRFB), Trump's proposals would increase the federal deficit by around $7.75 trillion in a baseline scenario between 2026 and 2035, pushing the debt-to-GDP ratio from its current level of 102% to 143%, which is 18% of GDP above current law projections.



In a high-deficit scenario, the deficit could rise to $15.55 trillion, pushing the debt-to-GDP ratio to 157%. 



Compared to Trump, Harris's fiscal plans took a more restrained approach to debt. In a baseline scenario, their proposals would have added $3.95 trillion to the national debt. This would increase the debt-to-GDP ratio to about 134% by 2035, a lower increase than Trump's plan.



In a high-deficit scenario, Kamala Harris would raise the deficit by $8.3 trillion over the same period, bringing the debt-to-GDP ratio to 144%.



"Fiscal policy is likely to be tighter under divided government than under single-party control," highlighted Goldman Sachs analyst Alex Phillips, suggesting that the elected president&#8217;s plan could face more checks and balances restricting high-deficit policies.



Read Also: <a href="https://www.benzinga.com/government/24/10/41611073/trump-vs-harris-how-their-fiscal-plans-could-add-trillions-to-the-us-national-debt">Trump Vs. Harris: How Their Fiscal Plans Could Add Trillions To The US National Debt</a>



<h2 class="wp-block-heading">4) Inflation</h2>



Inflation was a central issue in the election, with economists projecting starkly different impacts from Trump's and Harris's policies.



Analysts broadly agreed that Trump's proposed tariffs — especially a 60% levy on Chinese imports and a 10% universal tariff — could drive up consumer prices in the U.S.



Gita Gopinath, deputy managing director of the International Monetary Fund, stated in October that &#8220;tariffs are inflationary.&#8221;



JPMorgan analysts estimate that such measures could increase inflation by as much as 2.4% in a worst-case scenario. ABN Amro also warned that Trump's tariff-driven trade policy could push inflation up by 1.7 percentage points.



Goldman Sachs chief economist Jan Hatzius projected a "sizable 1.1pp boost to U.S. inflation" under Trump's policies. 



By comparison, Harris's strategy of targeted tariffs on specific industries was intended to avoid widespread inflationary pressure, maintaining a more balanced approach to trade that would limit price increases for consumers. 



Economists saw Harris's approach as less disruptive to the broader supply chain. 



<h2 class="wp-block-heading">5) Interest Rates &amp; Fed Independence</h2>



The election result will also shape the Federal Reserve's role in monetary policy.



"The resurgence of inflation would force the Fed to raise rates again, or at least keep rates higher for longer," said Quaedvlieg.



Goldman Sachs&#8217; chief economist Hatzius suggested that Trump's policies could keep core inflation above 3% in 2025, rather than closer to the Fed's 2% target. This, Hatzius highlighted, &#8220;might well be a reason to delay cuts that might otherwise occur more quickly.&#8221;



Regarding the central bank independence role, Trump has a history of pressuring the Fed for lower interest rates, even suggesting negative rates at one point during his previous term. 



Analysts at the Brookings Institution expected that Trump's presidency could put the Fed under renewed pressure to align with his economic agenda.



Harris, in contrast, emphasized respect for the Fed's independence. "The Fed is an independent entity and as president, I would never interfere in the decisions that the Fed makes," Harris said during the campaign.



Economists indicated that Harris's stance would allow the Fed to focus on managing inflation and employment without political interference, potentially leading to a more stable and predictable monetary policy.



<h2 class="wp-block-heading">6) US Dollar</h2>



The U.S. dollar is expected to strengthen under a Trump presidency, as higher inflationary pressures could prompt the Federal Reserve to adopt a more restrictive monetary policy stance.



A recent JPMorgan report suggests that a Republican sweep could boost the greenback by up to 7.3% within the first two quarters, while a Harris presidency with a divided Congress might lead to a decline of more than 5% in the dollar's trade-weighted index (TWI), as tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>). 



The table below provides JPMorgan's projections for currency movements over the next one to two quarters based on different 2024 election outcomes.



<figure class="wp-block-table is-style-stripes"><table><thead><tr><th>Election Scenario</th><th>USD TWI Change</th><th>USD&nbsp;vs.&nbsp;CNY</th><th>USD vs.&nbsp;EUR</th><th>USD vs. CAD</th><th>USD vs. CAD</th><th>USD vs. AUD</th><th>USD vs. SEK</th></tr></thead><tbody><tr><td>Republican Sweep</td><td>+7.3%</td><td>+4.4%</td><td>+8.4%</td><td>+4.7%</td><td>+6.1%</td><td>+7.9%</td><td>+10.8%</td></tr><tr><td>Trump w/ Split Congress</td><td>+3.3%</td><td>+3.0%</td><td>+4.3%</td><td>+3.3%</td><td>-5.4%</td><td>+4.6%</td><td>+5.0%</td></tr><tr><td>Harris w/ Split Congress</td><td>-5.4%</td><td>-2.7%</td><td>-3.9%</td><td>-4.0%</td><td>-4.0%</td><td>-2.9%</td><td>-5.6%</td></tr><tr><td>Democratic Sweep</td><td>-3.9%</td><td>-2.0%</td><td>-3.1%</td><td>-2.5%</td><td>-0.7%</td><td>-1.4%</td><td>-4.6%</td></tr></tbody></table></figure>



Read Also: <a href="https://www.benzinga.com/markets/asia/24/11/41722178/if-trump-and-republicans-sweep-dollar-may-climb-7-but-harris-win-could-bring-5-drop-says-jpmorgan">If Trump And Republicans Sweep, Dollar May Climb 7% — But Harris Win Could Bring 5% Drop, Says JPMorgan</a>



<h2 class="wp-block-heading">7) Foreign policy</h2>



The election outcome also has sharp implications for foreign policy, particularly around climate, energy sanctions and defense spending.



Trump pledged to withdraw from the Paris Agreement and scale back climate commitments made under the Inflation Reduction Act (IRA).



ABN Amro analysts warn that these rollbacks could harm long-term sustainability goals and impede the transition to a green economy. 



Harris, in contrast, pledged to uphold the U.S.'s climate commitments, supporting the Paris Agreement and clean energy goals set by the IRA.



According to S&amp;P Global, Trump also suggested he may relax sanctions on Russia to boost oil supply, while keeping a hard line on Iran and Venezuela.



Harris committed to maintaining sanctions on Russia, Iran, and Venezuela, aligning with the current administration's stance on energy security.



In defense, Trump emphasized shifting more responsibility to European allies. 



&#8220;A second Trump term would likely entail renewed defense and security pressures for Europe. Trump has stressed that he expects European countries to spend at least 2% of GDP on defense, as required by NATO members,&#8221; wrote Goldman Sachs economist James Moberly. 



Trump even proposed ending U.S. military aid to Ukraine, effectively transferring that burden to Europe.



In contrast, Harris indicated continued support for Ukraine and a collaborative approach with NATO allies, without reducing U.S. military commitments.



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Trump's Historic Return: 7 Ways His Second Term Could Impact The US Economy

Donald Trump has been elected as the 47th president of the United States, defeating his Democratic opponent Kamala Harris. Here&#8217;s a look at where Trump stands on issues surrounding the technology sector and some of the biggest <a href="https://www.benzinga.com/news/24/11/41768178/donald-trump-defeats-kamala-harris-to-win-2024-election">companies on Wall Street.</a>



Tariffs: President-elect Trump <a href="https://www.benzinga.com/startups/24/10/41561517/trump-pushes-forward-with-controversial-tariff-plan-despite-growing-backlash-from-voters-who-strongl">has promoted </a>tariffs of 20% on all imports coming into the country and tariffs as high as 60% on goods made in China. 



Companies like Apple, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) which produces most of its products in China, could be heavily impacted by higher tariffs and may pass those costs onto the consumer as a result. 



Read More: <a href="https://www.benzinga.com/startups/24/10/41561517/trump-pushes-forward-with-controversial-tariff-plan-despite-growing-backlash-from-voters-who-strongl">Trump Pushes Forward With Controversial Tariff Plan Despite Growing Backlash From Voters Who Strongly Oppose It</a>



Chips: The semiconductor industry could be highly effected by Trump&#8217;s potential tariff policies. The Biden administration hiked tariffs on semiconductors<a href="https://www.benzinga.com/news/24/10/41383055/china-launches-probe-into-intel-cites-national-security-risks-amid-trade-tensions-with-us"> imported from China</a> with the rate set to increase to 50% by 2025. It is likely Trump will maintain this policy and perhaps hike the tariffs even higher. 



The <a href="https://www.benzinga.com/government/24/05/38650086/intel-micron-among-winners-in-bidens-280b-chips-act-for-semiconductor-advancement">outgoing administration enacted the</a> CHIPS and Science Act to provide funding for American research, manufacturing and workforce development aimed at boosting domestic semiconductor production. Trump has been highly critical of the CHIPS and Science Act and has suggested that implementing high tariffs would drive chip manufacturers to invest their own resources in establishing production facilities inside the U.S. 



Investors and chipmakers will be watching to see if Trump will attempt to claw back funds promised under the CHIPS Act or dismantle or reduce the program.



Trump has also been a <a href="https://www.benzinga.com/government/24/10/41604100/trump-goes-after-taiwan-semiconductor-on-joe-rogan-podcast">vocal critic</a> of Taiwan Semiconductor Manufacturing Company Ltd.'s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) planned investments in the US, particularly its $40 billion project in Arizona. Once in office, Trump could attempt to cancel or modify the subsidies that have been promised to the company through the CHIPS Act.&nbsp;



Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41770352/bitcoins-future-under-president-elect-donald-trump-a-look-at-his-crypto-policies">Bitcoin&#8217;s Future Under President-Elect Donald Trump: A Look At His Crypto Policies</a>



Investors can monitor the market's reaction to the election results through an ETF that tracks the semiconductor sector, including the iShares Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NASDAQ">SOXX</a>) and the VanEck Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMH#NASDAQ">SMH</a>).&nbsp;



DOJ: Under the Biden administration, the Justice Department intensified its scrutiny of major technology companies, particularly in the areas of monopolistic practices and proposed mergers and acquisitions in order to prevent further market concentration. 



Alphabet, Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) Google currently faces multiple antitrust cases brought by the US Department of Justice under the Biden administration and include charges of illegally monopolizing the internet <a href="https://www.benzinga.com/news/24/10/41616230/sundar-pichai-admits-doj-proposals-could-have-unintended-consequences-google-mapping-out-plan-b-in-c">search engine</a> and advertising technology markets. 



A Trump White House — along with a <a href="https://apnews.com/article/congress-elections-house-senate-harris-trump-94b49277db2a5c21f23236794a36afa6">Republican Senate</a> — will likely take a more deregulatory approach to technology and AI when compared to his predecessor. 



Trump has also committed to rolling back Biden&#8217;s executive order on AI regulation, which some conservatives view as government overreach.



AI hyperscalers, like Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) and Amazon.com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) Amazon Web Services (AWS) will likely face less regulatory oversight under a Trump administration, potentially giving them more freedom in developing and deploying AI technologies.



Markets React: Stock futures are surging Wednesday morning with tech-heavy Nasdaq futures up 1.79% as investors interpret Trump&#8217;s victory as positive for the technology sector. 



AAPL, TSM, GOOG, MSFT, AMZN Price Action: According to data from Benzinga Pro, Apple shares are up 0.42% at $224.40, TSMC shares are down 1.74% at $192.35, Alphabet shares are up 2.26% at $175.29, Microsoft shares are up 1.22% at $416.48 and Amazon shares are up 0.46% at $200.42 in premarket trading Wednesday.



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Cannabis reform faced a challenging moment in the 2024 U.S. elections, with several key state initiatives falling short and delivering a setback to advocates and industry players alike. Despite high hopes, the results painted a mixed, often sobering picture of regional attitudes toward cannabis reform. Here's a look at each state's journey, the measures they considered and what these outcomes signify for the cannabis community and the future of legalization efforts nationwide.



<h3 class="wp-block-heading">Florida</h3>



Florida's Amendment 3, which sought to legalize cannabis for adult use, gained 55.9% support but fell short of the required 60% threshold for constitutional amendments. 



Despite support from high-profile advocates, including former President Donald Trump, the initiative faced consistent opposition from GOP figures like Governor Ron DeSantis. Leading up to the election, DeSantis held conferences opposing the measure, with additional opposition funded by the state's transportation department. Although disappointed, industry leaders like Anthony Coniglio of NewLake Capital Partners (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NLCP#OTC">NLCP</a>) expressed optimism, noting, "It's important to recognize the bipartisan voter support that the measure received."



<h3 class="wp-block-heading">Nebraska</h3>



Nebraska saw a significant shift in policy with the passage of two medical cannabis measures. Initiative 437, which enacts the Nebraska Medical Cannabis Protection Act, allows patients to use cannabis to manage health conditions. Initiative 438, the Nebraska Medical Cannabis Regulation Act, establishes a commission to regulate the medical cannabis market.



"Following the adoption of the Commission&#8217;s regulations, the market may open as early as Summer 2026," explained Paula Savchenko, founding partner of Cannacore Group. This long-awaited result, driven by activist efforts and significant public support, signals a new era for medical cannabis in the state.



<h3 class="wp-block-heading">North Dakota</h3>



For the third time, North Dakota voters declined to legalize adult-use cannabis, with 53% voting against Measure 5. Despite advocating for financial benefits and regulatory structures similar to neighboring states, proponents couldn't secure enough support. 



Curaleaf (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CURLF#OTC">CURLF</a>)'s CEO, Boris Jordan, remarked, "Curaleaf remains committed to advocating for responsible cannabis access and education." North Dakota's vote reflects a conservative stance that contrasts with the broader national trend toward legalization.



<h3 class="wp-block-heading">South Dakota</h3>



South Dakota also opted against legalizing cannabis for adult use with Measure 29, which fell short in a close vote. The measure had proposed limited possession rights and cultivation for adults over 21. 



Local industry voices like John Mueller, co-founder of Greenlight, described the outcome as "a missed opportunity," highlighting the potential economic benefits South Dakota could have reaped from a legal cannabis market. With similar measures failing in past elections, South Dakota's stance remains firmly anti-legalization, though advocates are hopeful for future progress.



<h3 class="wp-block-heading">Dallas, Texas</h3>



In a landmark decision, Dallas voters approved the "Dallas Freedom Act" to decriminalize small amounts of cannabis, setting the stage for reform in Texas. The act, which passed with 65% support, prohibits arrests for possession of up to 4 ounces of cannabis and restricts the police from using cannabis odor as probable cause. 



Local advocacy group Ground Game Texas celebrated the victory, stating, "This is more than a victory for marijuana decriminalization—it's a win for the people of Dallas." The success in Dallas reflects a growing trend in Texas cities to pursue cannabis reform, even as state-level opposition continues.



<h2 class="wp-block-heading">Cannabis Stocks Fall After 2024 Election</h2>



In response to these election outcomes, U.S.-focused cannabis stocks and ETFs are trading down in Wednesday&#8217;s pre-market session. Notably, Verano Holdings Corp (OTC:<a class="ticker" href="https://www.benzinga.com/stock/VRNOF#OTC">VRNOF</a>), Curaleaf Holdings Inc (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CURLF#OTC">CURLF</a>), Green Thumb Industries Inc (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GTBIF#OTC">GTBIF</a>) and Trulieve Cannabis Corp (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTC">TCNNF</a>) have experienced sharp declines, along with ETFs such as the AdvisorShares Pure US Cannabis ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSOS#NYSE">MSOS</a>) and Amplify Alternative Harvest ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MJ#NYSE">MJ</a>), most trading down by double digits.



As cannabis legalization and decriminalization efforts advance, the varied responses across states showcase an evolving but complex landscape. With each election, states signal their readiness, or reluctance, to embrace cannabis reform, reflecting both local values and national debates.



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Cannabis Reform Stumbles In 2024 Elections: A State-By-State Breakdown As Stocks Take A Hit

Editor's Note: This article has been updated to reflect the most recent electoral vote count.



Donald Trump <a href="https://www.benzinga.com/news/24/11/41766547/trump-gives-victory-speech-in-florida-as-winning-pennsylvania-puts-him-at-brink-of-victory-vows-to-f">has secured a win</a> over his Democrat-rival Kamala Harris in the 2024 U.S. presidential election, declared the Associated Press.



What Happened: On Tuesday, voters cast their ballots in a highly anticipated election, with Trump emerging victorious after a tense and closely-watched presidential election.&nbsp;



Sen. JD Vance (R-Ohio) is the new Vice President-elect. Vance is a Marine veteran and the author of the book "Hillbilly Elegy."



Trump secured 71,271,787 votes (51%) and 277 electoral votes, while Harris garnered 66,341,752 votes (47.5%) and 224 electoral votes.



In the crucial battleground states of Georgia, North Carolina, and Pennsylvania, Trump managed to secure key victories, gaining 16 electoral votes from each of Georgia and North Carolina, and 19 electoral votes from Pennsylvania.



In Arizona, Michigan, and Wisconsin, <a href="https://www.benzinga.com/news/24/11/41762845/trump-wins-kentucky-indiana-harris-scores-vermont-as-polls-begin-to-close-across-us">Trump overtook Harris in tight races, </a>further solidifying his path to victory.



Although Nevada&#8217;s results are still pending, Trump is projected to perform well there based on current trends, helping him clinch enough electoral votes to win the presidency.



Meanwhile, for the first time in four years, Republicans have <a href="https://www.benzinga.com/news/24/11/41766513/trump-led-republicans-get-hold-of-us-senate-with-west-virginia-ohio-wins">regained control of the U.S. Senate,</a> securing a major power base in Washington.



This gives the GOP a pivotal role in confirming the new President's Cabinet and any potential Supreme Court nominations.



During the counting, Trump was initially at his residence in Mar-a-Lago, however as the results started coming in his favor, the President-elect decided to join his watch party at the convention center in West Palm Beach.



He was joined by former presidential candidate Robert F. Kennedy Jr. and Tesla and SpaceX CEO Elon Musk, among <a href="https://www.benzinga.com/news/24/11/41765354/trump-packs-in-crowds-while-harris-shuts-down-cnn-the-joy-has-left-the-building-no-plans-for-vp-to-s">other notable figures</a>.



Donald Trump Jr. also joined the watch party and was seen shaking hands with supporters and pumping his fists in the air.



On X, formerly Twitter, Melania Trump shared the image of Barron Trump voting for the first time. She captioned the post, "Voted for the first time &#8211; for his dad."



See Also: <a href="https://www.benzinga.com/news/24/11/41765113/elon-musk-tells-tucker-carlson-that-the-pressure-he-faced-for-shutting-down-x-pales-in-comparison-wi">Elon Musk Tells Tucker Carlson That The Pressure He Faced For Shutting Down X &#8216;Pales In Comparison&#8217; With What Trump Went Through</a>



Earlier in the day, the FBI also released a statement cautioning that fake bomb threats were made to polling stations in multiple states, with many of these seemingly originating from Russian email domains.



The bureau stated that none of the threats were deemed credible at the time.



Why it Matters: Trump and Harris&#8217;s 2024 presidential campaigns showcased contrasting strategies and challenges.



Trump sought to reclaim the presidency, committed to replacing thousands of federal employees with loyal supporters, implementing extensive tariffs on both allies and adversaries, and initiating what would be the <a href="https://www.benzinga.com/startups/24/11/41722059/trumps-deportation-plan-faces-criticism-as-taxpayers-shoulder-the-billions-while-big-business-stands">largest deportation</a> effort in U.S. history.



Trump intends to <a href="https://www.benzinga.com/startups/24/10/41561517/trump-pushes-forward-with-controversial-tariff-plan-despite-growing-backlash-from-voters-who-strongl">implement a 20% tax on imports</a>, anticipating it will spark a U.S. manufacturing boom. His plan to <a href="https://www.benzinga.com/news/24/10/41642184/bernie-sanders-says-trumps-plan-to-eliminate-all-income-taxes-is-insane-economics-will-trigger-the-b">eliminate all income taxes</a> has come under criticism from liberals like Sen. Bernie Sanders (I-Vt.), who called it "insane economics."



The first Trump presidency, which lasted from Jan. 20, 2017, to Jan. 20, 2021, was marked by political and social upheaval as it saw the implementation of major tax cuts, aggressive deregulation efforts, and a controversial immigration policy.



During his earlier term, Trump also withdrew the U.S. from international agreements like the Paris Climate Accord and the Iran nuclear deal and recognized Jerusalem as Israel&#8217;s capital.



With this win, Trump has made history as the second president to serve non-consecutive terms, following Grover Cleveland, who held office from 1885 to 1889 and again from 1893 to 1897.



At 78, Trump has also become the oldest person ever elected to the presidency.



The President-elect is also the first convicted felon to hold office while under legal indictment, and the only president to face impeachment twice during his time in office.



Meanwhile, Harris had pledged to collaborate with both parties to address economic concerns and other pressing issues, maintaining much of the direction established by President Joe Biden.



Had she won, Harris would have made history as the first female president of the U.S. and the first person of South Asian descent to hold the office.



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<li>Congress Is Making Huge Investments. <a href="https://www.benzinga.com/gov-trades">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
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Donald Trump Defeats Kamala Harris To Win 2024 Election (UPDATED)

U.S. stocks could witness a strong opening on Wednesday after former President Donald Trump <a href="https://www.benzinga.com/news/24/11/41768178/donald-trump-defeats-kamala-harris-to-win-2024-election">emerged victorious</a> after a long-drawn battle with Joe Biden and Kamala Harris.



With Trump returning as the U.S. President, futures of all three major indices were strongly in the green on Wednesday, pointing to upbeat sentiment on Wall Street.



The Associated Press called a Republican win in three out of seven key swing states – North Carolina, Pennsylvania, Georgia, and Wisconsin. While Michigan and Arizona are still in play, trends lean toward Trump here, too.



Shares of Trump's social media company, Trump Media &amp; Technology Group Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJT#NASDAQ">DJT</a>), and his billionaire ally, Elon Musk's Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), surged in premarket trading on Wednesday.



While Trump Media shares were up over 33% in premarket trading, Tesla shares were up over 14% at the time of writing.



<figure class="wp-block-table"><table><tbody><tr><td>Futures</td><td>Performance (+/-)</td></tr><tr><td>Nasdaq 100</td><td>1.74%</td></tr><tr><td>S&amp;P 500</td><td>2.27%</td></tr><tr><td>Dow Jones</td><td>2.87%</td></tr><tr><td>R2K</td><td>6.16%</td></tr></tbody></table></figure>



In premarket trading on Wednesday, the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) gained 2.33% to $590.23 and the Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rose 1.82% to $501.15, according to <a href="https://benzinga.grsm.io/lxquj26b2sag">Benzinga Pro data</a>.



Cues From Last Session:



All three major indices ended the Tuesday session on a positive note, with the tech-heavy Nasdaq Composite surging the most.



Oil prices eased at the prospect of a Trump win resulting in a stronger U.S. dollar.



Treasury yields <a href="https://www.benzinga.com/news/24/11/41765345/treasury-yields-pop-on-trump-victory-chances-10-year-benchmark-reaches-4-month-high">popped at the prospect</a> of a Trump victory. The benchmark 10-year yield rose to levels last seen in July.



According to the CRFB's central estimate, Trump would increase the national debt by $7.75 trillion between 2026 and 2035, leading the government to issue more bonds to fund the deficit.&nbsp;



All sectors on the S&amp;P 500 closed on a positive note, with consumer discretionary, industrials, and utilities stocks recording the biggest gains on Tuesday.



<figure class="wp-block-table"><table><tbody><tr><td>Index</td><td>Performance (+/-)</td><td>Value</td></tr><tr><td>Nasdaq Composite</td><td>1.43%</td><td>18,439.17</td></tr><tr><td>S&amp;P 500</td><td>1.23%</td><td>5,782.76</td></tr><tr><td>Dow Jones</td><td>1.02%</td><td>42,221.88</td></tr><tr><td>Russell 2000</td><td>1.88%</td><td>2,260.84</td></tr></tbody></table></figure>



It's not just the equities that surged – top cryptocurrency Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) also surged to a new all-time high of $75,000 – at the time of writing, Bitcoin prices cooled a little to trade at $73,737, up more than 7% in the last 24 hours.



Insights From Analysts:



Veteran investor Mark Mobius, chairman of Mobius Emerging Opportunities Fund, <a href="https://www.cnbc.com/">told</a> CNBC that a Trump victory would be good for the U.S. economy.



"It looks like a Trump presidential win but also a win for Republicans in House and Senate. If that happens, you're going to see the U.S. economy really taking off," he said.



Ryan Detrick, chief market strategist at Carson Group, believes that the stage is now set for U.S. equities to rally through the year-end.



"Once we kind of get through the election uncertainty… we do think that could potentially be the springboard to a potential another strong November," Detrick told CNBC in an interview.



"This economy is still strong. This is still a bull market."



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Here&#39;s my full interview with <a href="https://twitter.com/ScottWapnerCNBC?ref_src=twsrc%5Etfw">@ScottWapnerCNBC</a> on <a href="https://twitter.com/CNBCClosingBell?ref_src=twsrc%5Etfw">@CNBCClosingBell</a> today. &#x2A; Why a rally is likely once we get the election out of the way &#x2A; The Fed could be what upsets markets this week &#x2A; Tech is pricey, but there are some cheap areas for investors <a href="https://t.co/OHRImYEaCl">https://t.co/OHRImYEaCl</a>&mdash; Ryan Detrick, CMT (@RyanDetrick) <a href="https://twitter.com/RyanDetrick/status/1853935196065730946?ref_src=twsrc%5Etfw">November 5, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Stephen Dainton, President of Barclays Bank PLC and Head of Investment Bank Management, told <a href="https://www.wsj.com/livecoverage/stock-market-today-fed-meeting-dow-nasdaq-sp500-live-11-06-2024/card/-full-on-trump-trade-investors-pile-into-stocks-dump-treasurys-ODshDaYnFSIb7kB2a2Ir?mod=lctimeline_finance">the</a> Wall Street Journal that the markets had already decided that Trump would win.



&#8220;The markets are now trading full-on Trump trade."



Echoing Detrick&#8217;s bull run thesis, WisdomTree and Wharton School economist&nbsp;Jeremy Siegel&nbsp;said the equity surge could continue.



&#8220;In the near term, stock markets seem poised for further gains, bolstered by resilient earnings and steady economic fundamentals, while bond markets will likely grapple with higher yields and volatility ahead,&#8221; he said.



&#8220;The bull market in stocks looks set to continue, while bonds face a rougher road.&#8221;



On the economic data front, the trade deficit in the U.S. increased to $84.4 billion in September, recording the highest level since April 2022, and above market estimates of a $84.1 billion gap, versus a revised $70.8 billion gap in August.



The ISM services PMI rose to 56 in October, recording the highest reading since Aug. 2022.



See Also:&nbsp;<a href="https://www.benzinga.com/money/how-to-trade-futures" target="_blank" rel="noreferrer noopener">How To Trade Futures</a>



Upcoming Economic Data



Wednesday's economic calendar is light, with only S&amp;P scheduled to release the final U.S. services purchasing manager&#8217;s index (PMI) at 9:45 a.m. ET.



Stocks In Focus:



<ul>
<li>Trump Media &amp; Technology Group Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJT#NASDAQ">DJT</a>) shares popped over 37% in premarket trading on Wednesday.</li>



<li>Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) shares surged over 15%. CEO Elon Musk has been a vocal Trump supporter and has also advocated for a "Department of Government Efficiency," or "DOGE."</li>



<li>Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) shares surged over 13% after Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) prices topped $75,000 for the first time.</li>



<li>Private prison company Geo Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GEO#NYSE">GEO</a>) shares gained over 24% during premarket hours.</li>



<li>Stocks of the biggest U.S. lenders, JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>), The Goldman Sachs Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>), and Bank of America Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>) gained between 7% and 9% in premarket hours.</li>



<li>Investors are awaiting earnings results from CVS Health Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVS#NYSE">CVS</a>), Johnson Controls International Plc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JCI#NYSE">JCI</a>), and Qualcomm Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>) today.</li>
</ul>



Commodities, Bonds And Global Equity Markets:



Crude oil futures eased in the early New York session, falling by 1.25% as Trump's return to the White House has led to a stronger U.S. dollar.



The 10-year Treasury note yield surged to 4.467%.



Major Asian markets ended Wednesday on a mixed note, while European stocks showed strength in early trading.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/news/24/11/41768178/donald-trump-defeats-kamala-harris-to-win-2024-election">Donald Trump Defeats Kamala Harris To Win 2024 Election</a></li>
</ul>



Photo courtesy: Wikimedia

Earnings

Equities

Futures

Federal Reserve

Pre-Market Outlook

Markets

Trading Ideas

$BTC

COIN

QCOM

TSLA

Dow, Nasdaq Futures Race Higher As Trump Wins White House: DJT, Tesla Shares Surge — Veteran Investor Predicts US Economy Could 'Take Off'

Trump Media &amp; Technology Group Corp. saw a notable 33.77% rise to $45.40 in pre-market trading on Wednesday, as per <a href="https://pro.benzinga.com">Benzinga Pro</a>. The company was co-founded by the former president.



With the election results unfolding, Donald Trump is just three seats away from securing a majority. This political development has evidently impacted the stock&#8217;s performance, mirroring investor sentiment and market speculation.



See Also: <a href="https://www.benzinga.com/markets/asia/24/11/41722178/if-trump-and-republicans-sweep-dollar-may-climb-7-but-harris-win-could-bring-5-drop-says-jpmorgan?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">If Trump And Republicans Sweep, Dollar May Climb 7% — But Harris Win Could Bring 5% Drop, Says JPMorgan</a>



Moreover, on the trading platform Robinhood (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOOD#NASDAQ">HOOD</a>), DJT shares experienced a significant surge of 54.86%. 



The spike in pre-market hours comes despite its third-quarter net sales falling by 6% and standing at $1.01 million. The company posted a loss of 10 cents per share, an improvement from the 30 cents per share loss recorded in the third quarter of last year.



If Trump wins he would become the first president to win another term after a defeat in 132 years.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/news/24/11/41733899/trump-woos-muslim-voters-says-hes-building-the-biggest-and-broadest-peace-coalition-kamala-and-her-w?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Trump Woos Muslim Voters, Says He&#8217;s &#8216;Building The Biggest And Broadest&#8217; Peace Coalition: &#8216;Kamala And Her Warmonger Cabinet Will Invade The Middle East&#8217;</a></li>
</ul>



Image via Shutterstock



Disclaimer: This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.

HOOD

Trump Media Stock (DJT) Jumps 33.77% In Pre-Market As Ex-President Inches Closer To White House Victory

Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) shares are up by over 13% in pre-market trading on Wednesday over a likely Donald Trump victory in the <a href="https://www.benzinga.com/topic/2024-election" target="_blank" rel="noreferrer noopener">U.S. Presidential elections</a>.



What Happened: According <a href="https://www.nytimes.com/live/2024/11/05/us/trump-harris-election" target="_blank" rel="noreferrer noopener">to</a> The New York Times, Trump currently has over 95% chance of victory given he already has <a href="https://www.benzinga.com/news/24/11/41766547/trump-gives-victory-speech-in-florida-as-winning-pennsylvania-puts-him-at-brink-of-victory-vows-to-f" target="_blank" rel="noreferrer noopener">267 of the 270 electoral votes needed to win</a>.



At the time of writing, the Tesla stock was up 13.3% in premarket trading, at $284.90, according to <a href="https://pro.benzinga.com/dashboard" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.



Tesla CEO&nbsp;Elon Musk&nbsp;endorsed Trump in July and has been actively campaigning for the former President&nbsp;<a href="https://www.benzinga.com/news/24/11/41709658/stephen-king-slams-elon-musk-claims-most-of-his-posts-spread-pro-trump-disinformation-and-outright-l" target="_blank" rel="noreferrer noopener">both offline and online</a>. Musk even campaigned for Trump in the swing state of Pennsylvania in October.



Trump, meanwhile, has expressed his intent to set up a&nbsp;<a href="https://www.benzinga.com/government/24/09/40739165/trump-plans-to-appoint-elon-musk-to-government-efficiency-commission-if-elected-tesla-ceo-says-hell" target="_blank" rel="noreferrer noopener">government efficiency commission</a>&nbsp;led by Musk if elected President. The commission will be tasked with conducting a complete financial and performance audit of the federal government and recommending reforms, Trump said in September.



According to&nbsp;Wedbush&nbsp;analyst&nbsp;Dan Ives, the&nbsp;<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41766869/trump-win-biggest-positive-for-elon-musks-tesla-tech-bull-says-it-could-boost-ev-gi" target="_blank" rel="noreferrer noopener">biggest positive from a Trump win would be for Tesla and Musk</a>.



"We believe a Trump win is a negative for the EV industry as the EV rebates/tax incentives get pulled, however for Tesla a huge positive for scale/price advantage," Ives said on Wednesday. The analyst added that a Trump win could add $40-$50 to Tesla's stock.



Tesla&#8217;s Frankfurt-listed shares are also up by over 14.5%.



Price Action: Year-to-date, Tesla shares are up 1.2%, after the stock closed up 3.5% at $251.44 on Tuesday, according to <a href="https://pro.benzinga.com/dashboard" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.



Check out more of Benzinga's Future Of Mobility coverage by&nbsp;<a href="https://www.benzinga.com/topic/mobility" target="_blank" rel="noreferrer noopener">following this link.</a>



Read Next:



<ul>
<li><a href="https://www.benzinga.com/news/24/11/41738613/elon-musk-rejects-rumors-of-a-tesla-phone-but-says-the-ev-giant-will-have-to-make-one-if-this-happen" target="_blank" rel="noreferrer noopener">Elon Musk Rejects Rumors Of A Tesla Phone, But Says The EV Giant Will Have To Make One If This Happens</a></li>
</ul>



Photo courtesy: Tesla

WIIM

Tesla Stock Surges Over 13% In Premarket: What Is Going On

Former President Donald Trump declared victory in the 2024 presidential election after winning <a href="https://www.benzinga.com/news/24/11/41762845/trump-wins-kentucky-indiana-harris-scores-vermont-as-polls-begin-to-close-across-us">the key battleground states</a>. Trump, who was addressing his supporters in New York, also praised his running mate, JD Vance, and acknowledged the role of tech mogul Elon Musk in his campaign.



What Happened: Trump, in his victory speech, lauded his supporters for overcoming seemingly insurmountable challenges on Tuesday night. He expressed his determination to &#8220;fix everything about our country&#8221; and described his win as &#8220;the greatest political movement of all time.&#8221;



According to <a href="https://apnews.com/live/trump-harris-election-updates-11-5-2024">the</a> latest numbers from The Associated Press, Trump has 267 out of the 270 electoral votes needed for victory. The Republican party is currently leading in key states like Michigan and Wisconsin, which are yet to be called.



Trump secured a victory in Pennsylvania, earning 19 electoral votes after capturing over 51% of the vote in this pivotal swing state.



&#8220;I want to thank the American people for the extraordinary honor of being elected your 47th president and your 45th president,&#8221; Trump said.



See Also: <a href="https://www.benzinga.com/news/24/11/41736493/microsoft-co-founder-bill-gates-says-everyone-in-future-will-have-a-utilitarian-ai-agent-that-will-h?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Microsoft Co-Founder Bill Gates Says Everyone In Future Will Have A &#8216;Utilitarian AI Agent&#8217; That Will Help</a>



Trump also addressed the criticism faced by Vance, his vice-presidential pick, for comments that were perceived as hostile to women. Despite the initial backlash, Trump praised Vance&#8217;s intellect and called him a &#8220;feisty guy.&#8221;



Trump also celebrated his party&#8217;s victory in the U.S. Senate, which he believes will aid in confirming his Cabinet members and nominating judges.



Trump asserted that he had won both the popular vote and an Electoral College landslide with over 300 votes, although the final counts are still pending in several states.



Trump also acknowledged the support of his family and campaign team, and when asked about Musk, he hailed the tech mogul as a &#8220;new star&#8221; and an &#8220;amazing guy.&#8221;



Why It Matters: On election night, <a href="https://www.benzinga.com/markets/equities/24/11/41763478/trump-media-reddit-devon-energy-super-micro-computer-and-tesla-buzzing-among-investors-on-electi">Trump&#8217;s media company</a>, Trump Media &amp; Technology Group Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJT#NASDAQ">DJT</a>), experienced a substantial surge in its shares, driven by the anticipation of the election results and the company&#8217;s third-quarter financial results.



Trump&#8217;s victory in the 2024 presidential race, including his win in the key swing state of North Carolina, has been a significant factor in the stock market&#8217;s movements.



The <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41765518/5-things-moving-as-trump-trade-fever-sweeps-wall-street-amid-election-night-drama">stock futures also experienced a rise</a> on election night. Futures associated with the Dow Jones Industrial Average increased by 739 points, or 1.74%, as of 2 a.m. ET. Futures linked to the S&amp;P 500 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) were up by 1.42%.



Treasury yields also<a href="https://www.benzinga.com/news/24/11/41765345/treasury-yields-pop-on-trump-victory-chances-10-year-benchmark-reaches-4-month-high" target="_blank" rel="noreferrer noopener">&nbsp;saw an increase in overnight trading&nbsp;</a>as investors evaluated the early results of the tight presidential race. The 10-year Treasury yield jumped 14 basis points to 4.431%, hitting its highest level since July 2.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/11/41703265/haley-tells-pennsylvania-voters-to-put-emotion-aside-and-rally-behind-trump?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Haley Tells Pennsylvania Voters To Put Emotion Aside And Rally Behind Trump</a></li>
</ul>



Photo courtesy: Shutterstock

Trump Gives Victory Speech In Florida As Winning Pennsylvania Puts Him At Brink Of Victory, Vows To 'Fix Everything About Our Country'

Key indicators of the financial market&#8217;s health reacted as investors began to parse early results of the high-stakes presidential battle between Donald Trump and Kamala Harris.



What happened:&nbsp;



<ul>
<li>Stock futures edged higher on election night, with those tied to the Dow Jones Industrial Average lifting 277 points, or 0.67%, as of 9 p.m. ET. Futures linked to the S&amp;P 500 were up 0.55%.</li>
</ul>



<ul>
<li>Oil prices took a hit, with the U.S. West Texas Intermediate (WTI) falling 0.44% to $71.69 a barrel. Price rose 6%, however, in the week preceding the election.</li>
</ul>



<ul>
<li>Spot gold rose by 0.15% to $2,747.98 per ounce, with gold futures on the Commodity Exchange (COMEX) also climbing by 0.17%.</li>
</ul>



<ul>
<li>Currency traders picked up the greenback as the U.S. Dollar Index, or the DXY, rose 1.20% to climb above 104.&nbsp;</li>
</ul>



See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41756625/will-donald-trump-prematurely-claim-victory-5-polymarket-markets-to-watch-on-election-nigh">Will Donald Trump Prematurely Claim Victory? 5 Polymarket Markets To Watch On Election Night</a>



Why It Matters: The moves come as Trump <a href="https://www.benzinga.com/news/24/11/41762845/trump-wins-kentucky-indiana-harris-scores-vermont-as-polls-begin-to-close-across-us">won the red states of Kentucky, Florida and Indiana</a>, while Harris secured victory in Massachusetts, New Jersey, and New York.&nbsp;



The fight was getting tighter in battleground states, with Trump leading Georgia and Harris staying ahead in Pennsylvania, according to the Associated Press.



Leading cryptocurrencies like Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) also soared in anticipation of a Trump victory, with the apex cryptocurrency powering above $73,000.



Read Next:&nbsp;



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41763299/trump-themed-cryptos-nfts-surge-in-expectations-of-former-presidents-victory-coin-inspired">Trump-Themed Cryptos, NFTs Surge In Expectations Of Former President&#8217;s Victory — Coin Inspired By Harris Falls 13%</a></li>
</ul>

$ETH

Bitcoin Past $73K — Dollar, Gold, Stock Futures Rise As Trump-Harris Results Trickle In

On Election Day 2024, major U.S. indices ended on a positive note. As the election results began rolling in, Dow Futures jumped nearly 400 points. 



For the day, the Dow Jones Industrial Average rose 1.02% to close at 42,221.88, the S&amp;P 500 increased 1.23% to 5,782.76, and the Nasdaq climbed 1.4% to 18,439.17.



These are the top stocks that gained the attention of retail traders and investors throughout the day:



Trump Media &amp; Technology Group Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJT#NASDAQ">DJT</a>)



Trump Media&#8217;s stock saw a significant surge, closing the day with a decrease of 1.16% at $33.94. The stock&#8217;s intraday high and low were $40.74 and $31.45 respectively, with a 52-week range of $79.38 to $22.55. The <a href="https://www.benzinga.com/news/24/11/41763035/trump-media-stock-shoots-up-over-10-in-after-market-trading-as-ex-president-scores-victories-in-kent">substantial increase</a> in Trump Media's stock in the after-hours is driven by the ongoing U.S. elections and the third-quarter financial results.



Reddit Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RDDT#NYSE">RDDT</a>)



Reddit&#8217;s stock closed the day with an increase of 12.58% at $122.57. The stock&#8217;s intraday high and low were $122.68 and $110.27 respectively, with a 52-week range of $123.6 to $37.35. Election day saw voters visiting polling locations and social media mavens <a href="https://www.benzinga.com/news/24/11/41761596/redditors-track-election-night-must-watch-threads-for-trump-vs-harris-showdown-other-races">sharing opinions</a> and local reports in megathreads, polls and comments on Reddit.



See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41704760/bitcoin-ethereum-dogecoin-reverse-as-trumps-odds-fall-on-betting-markets-trader-says-bull-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin, Ethereum, Dogecoin Reverse As Trump&#8217;s Odds Fall On Betting Markets: Trader Says &#8216;Bull Run Will Begin&#8217; For This Crypto After The Election</a>



Devon Energy Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DVN#NYSE">DVN</a>)



Devon Energy&#8217;s stock closed the day with an increase of 0.51% at $39.34. The stock&#8217;s intraday high and low were $39.59 and $38.79 respectively, with a 52-week range of $55.09 to $37.77. The company reported <a href="https://www.benzinga.com/news/earnings/24/11/41762517/devon-energy-q3-earnings-eps-beat-production-forecast-raise-and-more">third-quarter earnings</a> of $1.30 per share, beating analyst estimates of $1.14 per share.



Super Micro Computer Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>)



Super Micro Computer&#8217;s stock closed the day with an increase of 6.42% at $27.70. The stock&#8217;s intraday high and low were $28 and $25.1 respectively, with a 52-week range of $122.9 to $23.9. The company&#8217;s stock <a href="https://www.benzinga.com/news/earnings/24/11/41750022/super-micro-computer-stock-is-in-the-spotlight-ahead-of-q1-earnings-whats-going-on">bounced back</a> after falling nearly 50% last week after the firm's independent auditor raised governance and transparency concerns. Super Micro Computer faced intense scrutiny ahead of its first-quarter earnings, with shares down amid governance issues, a key auditor's exit, and risks to its <a href="https://www.benzinga.com/trading-ideas/technicals/24/11/41745935/super-micro-computer-posts-q1-earnings-are-delisting-fears-here-to-stay-or-can-the-stock">partnership with Nvidia</a>. Analysts remain cautious, citing transparency concerns and potential Nasdaq delisting.



Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>)



Tesla&#8217;s stock closed the day with an increase of 3.54% at $251.44. The stock&#8217;s intraday high and low were $255.28 and $246.21 respectively, with a 52-week range of $273.54 to $138.8. CEO Elon Musk <a href="https://www.benzinga.com/news/24/11/41738613/elon-musk-rejects-rumors-of-a-tesla-phone-but-says-the-ev-giant-will-have-to-make-one-if-this-happen">refuted rumors</a> that the company is considering building a phone.



Prepare for the day&#8217;s trading <a href="Premarket Movers &amp; News">with top premarket movers and news</a> by Benzinga.



Image via Shutterstock



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41734072/bitcoin-ethereum-slip-while-dogecoin-surges-ahead-of-presidential-election-analyst-predict?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin, Ethereum Slip While Dogecoin Surges Ahead Of Presidential Election; Analyst Predicts BTC Will Hit $100K+ Regardless Of Trump Or Harris Win</a></li>
</ul>



This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

RDDT

SMCI

Trump Media, Reddit, Devon Energy, Super Micro Computer, And Tesla Buzzing Among Investors On Election Day

Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) executive chair Jeff Bezos has sold off a significant chunk of his Amazon shares, according to a filing with the U.S. Securities and Exchange Commission.



What Happened: Bezos recently divested 1.07 million shares of Amazon stock at $200.07 per share, raking in approximately $213.8 million. As per the SEC filing on Tuesday, this transaction leaves Bezos with 926.41 million shares of the e-commerce giant.



Bezos isn&#8217;t the only Amazon insider to have sold shares recently. Director Jonathan Rubinstein also offloaded $1 million worth of shares, while Douglas Herrington, CEO of Worldwide Amazon Stores, sold $696,360 worth of Amazon shares.



See Also: <a href="https://www.benzinga.com/markets/equities/24/11/41734887/cathie-woods-latest-shake-up-dumps-palantir-and-jack-dorseys-block-along-with-tesla-buys-amazon-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">DJT Stock Volatile On Election Day: Donald Trump&#8217;s Media Company Reports Q3 Earnings, Growth Initiatives</a>



Why It Matters: Amazon&#8217;s stock remains a compelling investment opportunity, according to Bernstein analyst Mark Shmulik. Shmulik maintained an &#8220;Outperform&#8221; rating on the stock with a $235 price target, citing Amazon&#8217;s promising future despite <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41737293/amazon-stock-buy-now-pay-off-later-says-analyst">planned infrastructure spending</a>.



Amazon&#8217;s strong performance has also attracted the attention of prominent investor Cathie Wood, who recently <a href="https://www.benzinga.com/markets/equities/24/11/41734887/cathie-woods-latest-shake-up-dumps-palantir-and-jack-dorseys-block-along-with-tesla-buys-amazon-">made significant trades</a> in the company&#8217;s stock. 



The company recently reported third-quarter net sales of $158.9 billion, surpassing expectations and marking an 11% increase from the previous year. This positive performance has contributed to a rise in Amazon&#8217;s stock price, which saw a significant uptick <a href="https://www.benzinga.com/news/24/11/41688665/amazon-posts-upbeat-results-joins-cardinal-health-waters-atlassian-charter-communications-mastec-and">following the earnings announcement</a>.



Price Action: Amazon stock closed at $199.50 on Tuesday, rising by 1.90% during the day. In after-hours trading, the stock dipped 0.20%. Year-to-date, Amazon&#8217;s stock has seen substantial growth, up by 33.06%, according to <a href="https://pro.benzinga.com/dashboard">data from Benzinga Pro</a>.



Read Next: 



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<li><a href="https://www.benzinga.com/markets/equities/24/11/41734592/palantir-trump-media-hims-hers-health-nxp-semiconductors-and-tesla-why-these-5-stocks-are-on-inv?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">PLTR, DJT, HIMS, NXPI, TSLA: Top 5 Trending Stocks Today</a></li>
</ul>



Image via Flickr/ Daniel Oberhaus



Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Jeff Bezos Sells $214M Worth Of Amazon Shares In Latest Stock Move, Here's How Much He Still Owns

Editor&#8217;s Note: This article has been updated with the latest developments.



As polls begin to close for the 2024 presidential election, the nation waits to see if Donald Trump or Kamala Harris will secure a historic victory.



Trump has secured Kentucky and Indiana, while Harris has won Vermont, <a href="https://decisiondeskhq.com/results/2024/General/President/">according</a> to the Associated Press. With 34% of votes counted in Kentucky, Trump leads with 64.6%. In Indiana, with 24% of votes counted, Trump holds 64%. Meanwhile, with 20% of Vermont&#8217;s votes tallied, Harris has 69%.



In Kentucky, Trump received the endorsement of Senate GOP Leader Mitch McConnell (R-Ky.) despite their previous differences over the Jan.6 Capitol Riots, noted AP.



Vermont is considered a Democrat stronghold and the state&#8217;s Republican Governor Phil Scott voted Democrat in this election, according to the report.



Trump&#8217;s former Vice President and former Indiana Governor Mike Pence <a href="https://www.benzinga.com/news/24/03/37764902/no-surprise-former-trump-ally-refuses-to-endorse-ex-president-in-2024-cites-differences-in-conservat">did not endorse</a> him in the 2024 run but the Hoosier State is a reliable GOP stronghold where the party has held the governor&#8217;s office for the past two decades.



West Virginia voted for Trump for the third straight presidential election cycle as well. No democrat has won the presidential election in the state since Bill Clinton in 1996, according to AP.



Florida, the third-largest prize of the night in electoral votes, delivered a predictable victory for Trump, as the state has trended Republican over the past decade, noted AP.



The last Democrat to carry Florida was Barack Obama in 2012, but since then, the state has solidified its shift toward the GOP in statewide elections.



The rejection of the abortion rights measure marks Florida as the first state where such a proposal has failed since the overturning of Roe v. Wade in 2022. The initiative sought to prevent lawmakers from imposing abortion restrictions before viability or when necessary to protect the health of the patient.



Trump&#8217;s victory in Georgia marks the state&#8217;s shift from the 2020 election results, becoming the first to flip.



Key Battleground States



As of early morning updates, Trump holds leads in multiple battleground states, with notable margins in some areas:



<ul>
<li>Georgia: Trump leads by 2% with 93% of votes counted.</li>



<li>North Carolina: Trump has a 3% lead with 92% of the vote in.</li>



<li>Florida: Trump holds a substantial 13% lead, with 98% of votes counted.</li>



<li>Maine's 2nd Congressional District: Trump leads by 11% with 45% reporting.</li>



<li>Pennsylvania: Trump leads by 3% with 86% of votes counted.</li>



<li>Arizona: Trump has a narrow lead of less than 1% with 51% of votes tallied.</li>



<li>Michigan: Trump is ahead by 6% with 53% counted.</li>



<li>Wisconsin: Trump leads by 4% with 81% of votes counted.</li>
</ul>



On the Democratic side, Nebraska's 2nd Congressional District shows Harris in the lead by 8% with 84% of votes counted.



"We still have votes to count. We still have states that have not been called yet. We will continue overnight to fight to make sure that every vote is counted," Cedric Richmond, Harris' campaign co-chair, said on Tuesday, according to AP. "So you won't hear from the vice president tonight, but you will hear from her tomorrow."



Next: 



<ul>
<li><a href="https://www.benzinga.com/news/earnings/24/11/41760961/djt-stock-volatile-on-election-day-donald-trumps-media-company-reports-q3-earnings-growth-initiativ">DJT Stock Volatile On Election Day: Donald Trump&#8217;s Media Company Reports Q3 Earnings, Growth Initiatives</a></li>
</ul>



Image via Wikimedia Commons



This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>

Trump Wins Georgia, Leading In Key Battleground States Of Michigan, Pennsylvania, Arizona — Harris Campaign Co-Chair Addresses Demoralized Election Watch Party (UPDATED)

Leading cryptocurrencies jumped as polls began to close in the high-stakes presidential election between Donald Trump and Kamala Harris.



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 8:30 p.m. EDT)</td></tr><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>+4.68%</td><td>$71,154.46</td></tr><tr><td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>+2.23%</td><td>$2,460.12</td></tr><tr><td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>+8.20%</td><td>$0.1763</td></tr></tbody></table></figure>



What Happened: After days of retracement, Bitcoin got back in the groove as it breached the $71,000 level. The leading cryptocurrency was just 3.8% away from its all-time high of $73,737.



Ethereum also approached $2,500, while Dogecoin, the king of joke coins, surged by more than 8% as election results began to come in.



Trump was leading in the battleground states of Georgia and Florida, resulting in his <a href="https://polymarket.com/event/presidential-election-winner-2024?tid=1730855062824">odds </a>on Polymarket shooting to 72%.&nbsp;



Ethereum also encountered heavy sell-offs, while Dogecoin outperformed the market with over 8% gains in the last 24 hours.



Short sellers suffered as more than $133 million in bearish bets were wiped out due to the rally.&nbsp;



Bitcoin's Open Interest spiked 3.70%, while top traders on the cryptocurrency exchange Binance remained bullishly positioned for the coin.&nbsp;



Market participants remained "Greedy," as per the Cryptocurrency Fear and Greed Index.



Top Gainers (24-Hours)



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 8:45 p.m. EDT)</td></tr><tr><td>Artificial Superintelligence Alliance(FET)</td><td>+1.27%</td><td>$0.1633</td></tr><tr><td>Cat in a dogs world (MEW)</td><td>+11.44%</td><td>$0.008809</td></tr><tr><td>Bittensor (TAO)</td><td>+10.59%</td><td>$469.17</td></tr></tbody></table></figure>



The global cryptocurrency stood at $2.34 trillion, following a spike of 5.22% in the last 24 hours.



Stocks surged sharply Tuesday in anticipation of the results. The Dow Jones Industrial Average gained 427.28 points, or 1.02%, to close at 42,221.88. The S&amp;P 500 jumped 1.23% to end at 5,782.76, while the tech-focused Nasdaq Composite closed 1.43% higher at 18,439.17.



Stock futures also ascended in anticipation, with those linked to the Dow popping more than 300 points overnight.



See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>



Analyst Notes: Widely followed cryptocurrency analyst Michaël van de Poppe noted Bitcoin's move above $71,000 amid Trump's lead in the battleground states of Virginia and Florida.



"This might not be as tight as it was expected. This might also be the kickstart of the bull market + a weak labor market," the analyst predicted.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> breaking $70K and makes a new high, as Trump takes a significant lead in Georgia, Florida, Virginia and South Carolina. This might not be as tight as it was expected. This might also be the kickstart of the bull market + a weak labor market.&mdash; Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1853958629365289455?ref_src=twsrc%5Etfw">November 6, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



However, indications of profit-taking by whales also surfaced after influential analyst Ali Martinez drew attention to the sharp drop in addresses holding more than 1,000 BTCs leading up to the election.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> whales are dialing back exposure ahead of the U.S. elections, with a 2% drop in addresses holding over 1,000 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>. <a href="https://t.co/rlq6Y5YJ93">pic.twitter.com/rlq6Y5YJ93</a>&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1853777283061850450?ref_src=twsrc%5Etfw">November 5, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Read Next:&nbsp;&nbsp;&nbsp;&nbsp;



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<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41754690/worlds-largest-political-bettor-gives-donald-trump-a-90-chance-of-winning-election-citing-">World&#8217;s Largest Political Bettor Gives Donald Trump A 90% Chance Of Winning Election, Citing &#8216;Real&#8217; Numbers</a></li>
</ul>

Cryptocurrency

$DOGE

Bitcoin Hits $71K, Ethereum, Dogecoin Surge As Results Trickle In For Trump-Harris Presidential Battle: Analyst Predicts 'Kickstart Of The Bull Market'

Florida voters rejected an initiative to legalize marijuana for adult use. Known as Amendment 3, the initiative did not garner the 60% votes necessary Tuesday to pass a constitutional amendment though it did get a clear majority.



The initiative enjoyed star-studded endorsements, including from <a href="https://www.benzinga.com/markets/cannabis/24/08/40666944/donald-trump-supports-cannabis-legalization-in-florida-game-changer-and-huge-blow-to-ron-desanti">former President Donald Trump</a>, who is a Florida resident. But it faced tough and sustained GOP opposition from Gov. <a href="https://www.benzinga.com/topic/ron-desantis" target="_blank" rel="noreferrer noopener">Ron DeSantis</a> and the Florida Republican Party.



With 93% of votes counted, the amendment failed with 55.8% yes votes and 44.2% no votes, according to the Associated Press.



Smart &amp; Safe Florida, the campaign that got the initiative onto the ballot, put out a notice shortly after receiving the news.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://t.co/O7X6zHZEY0">pic.twitter.com/O7X6zHZEY0</a>&mdash; Smart &amp; Safe Florida (@SmartandSafeFl) <a href="https://twitter.com/SmartandSafeFl/status/1853974758641049896?ref_src=twsrc%5Etfw">November 6, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



In the weeks before Election Day, DeSantis held a string of conferences denouncing the amendment. Campaign groups opposing legalization were essentially staffed by DeSantis allies. In what many called misusing public money, the Florida <a href="https://www.benzinga.com/markets/cannabis/24/09/41036799/desantis-provokes-outrage-over-taxpayer-funded-ads-linking-marijuana-legalization-to-car-crashes">transportation department ran ads</a> saying that DUI crashes increased in states with legal marijuana, which caused the Amendment 3 campaign to send out cease-and-desist notices.



<h2 class="wp-block-heading">Cannabis Industry Responds</h2>



"While it's disappointing to see Florida's Amendment 3 fall short of the 60% threshold necessary, it's important to recognize the bipartisan voter support that the measure received," said Anthony Coniglio, CEO of <a href="https://newlake.com/" target="_blank" rel="noreferrer noopener">NewLake Capital Partners, Inc</a>. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NLCP#OTC">NLCP</a>). 



"Constitutional amendments requiring 60% approval are always difficult but Americans&#8217; support for the cannabis industry is undeniable. These results don't erase the progress the sector has made or the growing public support for cannabis nationwide."



Tyler Beuerlein, business development officer at Safe Harbor Financial (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SHFS#NASDAQ">SHFS</a>), acknowledged that state-level changes do not automatically resolve broader industry challenges.



"Despite both major political parties now voicing support for cannabis reform, federal legalization remains complex, with numerous unresolved issues around banking, interstate commerce, and comprehensive regulatory frameworks."



<ul>
<li>Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/11/41755971/desantis-on-wrong-side-of-history-curaleaf-chair-says-as-governor-calls-trulieve-big-pharma-on-s">DeSantis &#8216;On Wrong Side Of History,&#8217; Curaleaf Chair Says: Governor Calls Trulieve &#8216;Big Pharma On Steroids&#8217;</a></li>
</ul>



Illustration created using artificial intelligence.

Government

SHFS

Florida Rejects Cannabis Legalization Amendment Supported By Trump, Detested By DeSantis

Few things seem certain in life ahead of the U.S. presidential election results: death, taxes, and the Federal Reserve cutting <a href="https://www.benzinga.com/topic/interest-rates">interest rates on Thursday. </a>



As the U.S. anxiously awaits results from one of the tightest presidential races in history — potentially <a href="https://www.benzinga.com/general/politics/24/11/41730670/prediction-markets-swing-back-to-trump-but-data-analysts-say-its-too-close-to-call">too close to call</a> by Thursday — this anticipated rate cut may offer a rare anchor for financial markets, providing traders with a moment of stability during what could be a highly volatile week.



In what's widely seen as a guaranteed move, the central bank is expected to reduce its benchmark rate by 0.25%, bringing it down to a range of 4.5%-4.75%. This move would set borrowing costs at their lowest levels since February 2023.



See Also: <a href="https://www.benzinga.com/startups/24/11/41701184/kamala-harris-gains-support-from-866-vcs-representing-276-billion-in-assets">Kamala Harris Gains Support From 866 VCs Representing $276 Billion in Assets</a>



Market-implied probabilities of a 0.25% cut point to a 97.4% chance, as per CME FedWatch, de facto almost fully pricing in the rate cut, which would be the second consecutive reduction from the Fed.



The Fed&#8217;s policy statement will be released Thursday at 2:00 p.m. ET, followed by chair Jerome Powell's closely watched press conference at 2:30 p.m., where investors will look for clues about the Fed's outlook on a further rate cut in the last meeting of the year.



<h3 class="wp-block-heading">Labor Market And Inflation Trends Drive Fed's Decision</h3>



&#8220;We expect the Fed to cut by 25bp in November, and Chair Powell&#8217;s message is likely to remain optimistic,&#8221; said Bank of America rates analyst Mark Cabana.



Cabana explained that October's softer-than-expected jobs report and downward revisions to payroll data for previous months are key factors that locked the November cut.



Bank of America indicates the recent labor data also significantly increases the odds of an additional rate cut in December.



Goldman Sachs economist David Mericle welcomed latest inflation developments and highlighted that while the October employment report was tepid, other data suggest resilience in the U.S. economy.



&#8220;Better inflation news has dampened the concerns about reacceleration or stickiness from the first few months of the year,&#8221; he said. 



Mericle also highlighted the strong GDP growth in the third quarter, which may assuage fears of an overly softening labor market. 



Goldman Sachs is forecasting four additional cuts in the first half of next year, which would bring the terminal rate down to a range of 3.25%-3.5%. 



However, Mericle indicated that there's "more uncertainty about both the speed next year and the final destination," suggesting that future decisions will depend heavily on incoming economic data.



<h3 class="wp-block-heading">Potential Skip In December? </h3>



JPMorgan aligns with the consensus for a 25-basis-point cut in November, with the possibility of another in December if economic conditions remain stable. The bank, however, warns that labor market data will play an outsized role in shaping the Fed's future moves. 



Analysts at the largest U.S. bank warned that if the unemployment rate falls below 4% in December, the Fed might consider skipping a rate cut in early 2024 — a possibility raised last by Atlanta Fed President Raphael Bostic.



Morgan Stanley expects the FOMC's statement to reflect an improved outlook on economic growth, while acknowledging progress on inflation. However, they caution that Powell is unlikely to commit to a specific pace for future rate cuts.



In short, the November rate cut is a near certainty during a period of anticipated political volatility, but beyond that, much remains in flux. 



<h3 class="wp-block-heading">How Could Markets React? </h3>



The market-implied probability of another 0.25% rate cut at the Dec. 18 meeting currently stands at 77%.



If Fed chair Powell delivers dovish remarks that reinforce expectations for a December rate cut, investors can expect a boost in risk assets. In this scenario, the S&amp;P 500 — represented by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) — is likely to react positively after the Fed meeting, provided that election-related uncertainties don't overshadow the market.



On the other hand, if Powell signals reluctance to cut rates again in December, it could disappoint investors and add fuel to market volatility, especially amid heightened political risks surrounding the election results.



Read Now:



<ul>
<li><a href="https://www.benzinga.com/economics/macro-economic-events/24/11/41750522/us-services-sector-gauge-rises-more-than-expected-to-over-2-year-highs-as-employm">US Services Sector Gauge Rises More Than Expected To Over 2-Year Highs As Employment Index Defies Hurricane Shocks</a></li>
</ul>



Image via Federal Reserve

Broad U.S. Equity ETFs

US Election Jitters Meet Interest-Rate Cut Assurance: Why Fed's Powell May Offer Traders A Safe Harbor This Week

Trump Media &amp; Technology Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJT#NASDAQ">DJT</a>) reported third-quarter financial results after the market close Tuesday, the same day Donald Trump is facing off against Kamala Harris in the <a href="https://www.benzinga.com/news/24/11/41758791/whats-going-on-with-trump-media-technology-group-stock-tuesday">2024 presidential election.</a>



What Happened: Trump Media &amp; Technology Group announced third-quarter net sales of $1.01 million, down 6% year-over-year, according to data<a href="https://www.benzinga.com/pro/?utm_source=BZprocontent110524&amp;t=be2bearmibe3na1"> from Benzinga Pro.</a>



The company <a href="https://s3.amazonaws.com/sec.irpass.cc/2660/0001140361-24-045260.pdf">said </a>all of its revenue came from advertising on the Truth Social platform in the quarter.



The company reported a loss of 10 cents per share compared to a loss of 30 cents per share in last year's third quarter.



Trump Media &amp; Technology Group, which was co-founded by the former president, highlighted the importance of Trump for the company's success.



"TMTG's success depends in part on the popularity of our brand and the reputation and popularity of President Donald J. Trump. The value of TMTG's brand may diminish if the popularity of President Donald J. Trump were to suffer," the company said.



Trump is able to post politically related posts on any social media site at any time, including outside of Truth Social, the filing said. 



The filing lists a date of Feb. 2, 2025 for when Trump may "terminate the Exclusivity Obligation" with 30 days prior written notice for his non-political posts to appear first on Truth Social.



Did You Know?



<ul>
<li>Congress Is Making Huge Investments. <a href="https://www.benzinga.com/gov-trades/?utm_source=BZprocontent110524">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
</ul>



What's Next: The quarterly filing said the company plans to roll out its streaming content in three phases.



<ul>
<li>Phase 1: Introduce Truth Social for streaming live TV to the Truth Social app for Android, iOS and Web</li>



<li>Phase 2: Release standalone Truth Social over-the-top streaming apps for phones, tablets and other devices</li>



<li>Phase 3: Release Truth Social streaming apps for home TV</li>
</ul>



The company said it completed phase 1 in August, phase 2 in October and as of Oct. 23, phase 3 has seen the Truth+ streaming platform released on Apple TV, Android TV and Amazon Fire TV.



Future growth initiatives from the company include growing the initial Truth Social platform, increasing product offerings and pursuing strategic acquisitions and/or partnerships.



The company said it plans to expand the business operations globally.



Trump Media &amp; Technology Group ended the third quarter with $672 million in cash, cash equivalents and short-term investments.



DJT Price Action: Shares of Trump Media &amp; Technology Group saw increased volatility Tuesday ahead of the 2024 election with shares halted twice Tuesday.



Shares traded between $31.45 and $40.74 on Tuesday before closing down 1% to $33.94.



The stock is trading 2,.2% higher after hours at $4.69. 



Trump Media &amp; Technology Group stock is likely to experience increased volatility during the week as investors await the results of the 2024 election, with a potential Trump win viewed as a positive for the stock and a Trump loss viewed as a negative for the stock.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/general/politics/24/11/41732623/bakery-that-often-predicts-election-outcomes-has-this-candidate-winning-in-trump-harris-battle-d" target="_blank" rel="noreferrer noopener">Bakery That Often Predicts Election Outcomes Has This Candidate Winning In Trump, Harris Battle: ‘Doughmacracy For All!'</a></li>
</ul>

Social Media

DJT Stock Volatile On Election Day: Donald Trump's Media Company Reports Q3 Earnings, Growth Initiatives

Super Micro Computer Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>) provided a business update for the first quarter and reported preliminary results after the market close on Tuesday. Here&#8217;s <a href="https://www.benzinga.com/pressreleases/24/11/b41758158/supermicro-announces-an-update-from-the-independent-special-committee-and-first-quarter-fiscal-yea">everything you need to know</a>.



Preliminary Q1 Earnings: Super Micro expects to report first-quarter revenue of $5.9 billion to $6 billion, down from its previous guidance range of $6 billion to $7 billion. 



The company anticipates adjusted earnings of 75 cents to 76 cents per share, versus its previous guidance of 67 cents to 83 cents per share. 



Super Micro expects a first-quarter gross margin of approximately 13.3%. The company said it expects to report total cash and cash equivalents of $2.1 billion and total debt of approximately $2.3 billion.



Q2 Outlook: Super Micro expects second-quarter revenue of $5.5 billion to $6.1 billion. The company anticipates second-quarter adjusted earnings of 56 cents to 65 cents per share. The company&#8217;s soft guidance appears to be weighing on shares after hours.



See Also: <a href="https://www.benzinga.com/markets/equities/24/11/41756882/magnificent-7-basket-notches-over-200-gain-since-bidens-election-how-did-tech-giants-perform-und">Magnificent 7 Basket Notches Over 200% Gain Since Biden&#8217;s Election: How Did Tech Giants Perform Under Trump?</a>



Business Update: Super Micro stock plunged last week&nbsp;after its independent auditor Ernst &amp; Young (EY) resigned as the company&#8217;s registered public accounting firm, citing concerns related to governance, transparency and completeness of communications.



Super Micro formed an independent Special Committee in response to information that was brought to the attention of its audit committee. The company announced Tuesday that the committee issued the following statement to Super Micro:



&#8220;The Special Committee has completed its investigation based on a set of initial concerns raised by EY. Following a three-month investigation led by Independent Counsel, the Committee&#8217;s investigation to date has found that the Audit Committee has acted independently and that there is no evidence of fraud or misconduct on the part of management or the Board of Directors. The Committee is recommending a series of remedial measures for the Company to strengthen its internal governance and oversight functions, and the Committee expects to deliver the full report on the completed work this week or next. The Special Committee has other work that is ongoing but expects it to be completed soon.&#8221;



Super Micro also announced Tuesday that it continues to work diligently on filing its Form 10-K for its fiscal year ended June 30, but &#8220;remains unable at this time to predict&#8221; when it will be filed. Super Micro hasn&#8217;t filed financial results with the SEC since May. The Form 10-K was due on Aug. 29. 



Super Micro received a notification from the Nasdaq stating that it was not in compliance with timely filing requirements on Sept. 20. Super Micro said it filed an extension and has 60 days from the date of notice to regain compliance. If a plan is submitted and accepted by that time, the company could be granted up to 180 days to regain compliance. Super Micro said it plans to take all necessary steps to achieve compliance as soon as possible.



Super Micro&#8217;s management team will further discuss the company&#8217;s preliminary results and business update on a call with analysts and investors at 5 p.m. ET.



SMCI Price Action: <a href="http://benzinga.com/quote/smci" target="_blank" rel="noreferrer noopener">Super Micro shares</a> were down 13.39% in after-hours, trading at $24.09 at publication Tuesday, per <a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>.



Read Next:



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<li><a href="https://www.benzinga.com/trading-ideas/technicals/24/11/41745935/super-micro-computer-posts-q1-earnings-are-delisting-fears-here-to-stay-or-can-the-stock">Super Micro Computer Posts Q1 Earnings: Are Delisting Fears Here To Stay Or Can The Stock Rebound?</a></li>
</ul>



Photo: Shutterstock.



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="&#x1f534;WATCH LIVE: Super Micro Computer Q1 2025 Earnings Call &#x7C; $SMCI" width="500" height="281" src="https://www.youtube.com/embed/kDISKt1-Rec?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
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Super Micro Computer Stock Sinks On Preliminary Q1 Results, Q2 Guidance, Business Update

The Magnificent Seven, a group of top-performing tech stocks, has delivered extraordinary returns since Joe Biden was elected in early November 2020, significantly outpacing <a href="https://www.benzinga.com/">the broader stock market. </a>



An equally weighted portfolio of Microsoft Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NYSE">MSFT</a>), Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>), Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), and Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) has returned 213.6% over the last four years. This equates to a compounded annualized growth rate, or CAGR, of about 25%.



To put this in perspective, an investor who put $10,000 into this tech-heavy basket on Nov. 3, 2020 would have seen their investment grow to roughly $31,360 by Nov. 5, 2024.



In contrast, an equivalent investment in the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) would have grown by 74%, for a CAGR of just 14.8%, resulting in an end balance of about $17,400.



Here&#8217;s a closer look at how these tech giants fared individually under Biden and how their performance compares to the Trump era.



<h3 class="wp-block-heading">Magnificent 7 Performance In The Biden Years</h3>



<figure class="wp-block-table is-style-stripes"><table><thead><tr><th>Stock</th><th>Return (%)</th><th>CAGR (%)</th><th>Market Cap (Nov. 3, 2020)</th><th>Market Cap (Nov. 5, 2024)</th></tr></thead><tbody><tr><td>NVIDIA</td><td>967.92%</td><td>80.56%</td><td>$321.69 billion</td><td>$3.42 trillion</td></tr><tr><td>Meta Platforms</td><td>114.22%</td><td>20.98%</td><td>$755.65 billion</td><td>$1.44 trillion</td></tr><tr><td>Alphabet</td><td>105.85%</td><td>19.78%</td><td>$1.1 trillion</td><td>$2.09 trillion</td></tr><tr><td>Apple</td><td>101.13%</td><td>19.08%</td><td>$1.88 trillion</td><td>$3.37 trillion</td></tr><tr><td>Microsoft</td><td>99.55%</td><td>18.85%</td><td>$1.56 trillion</td><td>$3.07 trillion</td></tr><tr><td>Tesla</td><td>77.48%</td><td>15.42%</td><td>$415.27 billion</td><td>$807.74 billion</td></tr><tr><td>Amazon</td><td>29.36%</td><td>6.64%</td><td>$1.53 trillion</td><td>$2.08 trillion</td></tr></tbody><tfoot><tr><td>Average return, CAGR / Total market cap.</td><td>213.64%</td><td>25.02%</td><td>$7.58 trillion</td><td>$16.26 trillion</td></tr></tfoot></table></figure>



Among the Magnificent Seven, Nvidia as been the standout performer under Biden, surging 967.92% with an annualized return of 80.56%. This explosive growth, driven by the AI boom and demand for GPUs, has catapulted NVIDIA's market cap from $321.69 billion to over $3.4 trillion.



Apple, Microsoft, and Alphabet have all roughly doubled in market value under Biden, each delivering annualized returns close to 19%. These established tech giants benefited from strong growth in their cloud, advertising and services segments.



Tesla performance lagged behind the average of the basket. Tesla shares rose 77.48%, translating to a CAGR of 15.42%. The company&#8217;s market cap nearly doubled, reaching $807.74 billion.



Amazon stands out as a relative laggard in this group, with only a 29.36% gain — translating to a 6.64% CAGR — over the same period. The company has faced headwinds from slowing e-commerce growth post-pandemic and rising costs impacting its profitability.



<h3 class="wp-block-heading">Magnificent 7 Performance Under Trump</h3>



The same basket of tech stocks had an even more impressive run under the Trump administration from Nov. 8, 2016 to Nov. 2, 2020.



The SPY ETF delivered a 67% gain during the same time frame, slightly lagging broader market returns under Biden.



Here&#8217;s how each Magnificent Seven stock and the equally weighted basket performed during Trump&#8217;s tenure:



<figure class="wp-block-table is-style-stripes"><table><thead><tr><th>Stock</th><th>Return (%)</th><th>CAGR (%)</th><th>Market Cap (Nov. 8, 2016)</th><th>Market Cap (Nov. 2, 2020)</th></tr></thead><tbody><tr><td>NVIDIA</td><td>631.84%</td><td>64.47%</td><td>$38.07 billion</td><td>$310.85 billion</td></tr><tr><td>Meta Platforms</td><td>113.57%</td><td>20.89%</td><td>$358.60 billion</td><td>$744.35 billion</td></tr><tr><td>Alphabet</td><td>102.67%</td><td>19.32%</td><td>$552.28 billion</td><td>$1.10 trillion</td></tr><tr><td>Apple</td><td>297.77%</td><td>41.22%</td><td>$592.21 billion</td><td>$1.85 trillion</td></tr><tr><td>Microsoft</td><td>241.38%</td><td>35.93%</td><td>$470.18 billion</td><td>$1.53 trillion</td></tr><tr><td>Tesla</td><td>987.26%</td><td>81.59%</td><td>$29.22 billion</td><td>$379.64 billion</td></tr><tr><td>Amazon</td><td>286.98%</td><td>40.26%</td><td>$331.19 billion</td><td>$1.51 trillion</td></tr></tbody><tfoot><tr><td>Average return, CAGR / Total market cap.</td><td>380.2%</td><td>43.38%</td><td>$2.56 trillion</td><td>$7.42 trillion</td></tr></tfoot></table></figure>



Under Trump&#8217;s administration, the Magnificent Seven returned an average of 380.2%, with an annualized return of 43.38%.



A $10,000 investment in an equally weighted basket of the Magnificent Seven stocks at the start of Trump&#8217;s term would have grown to approximately $48,020 by Nov. 2, 2020.



This performance was driven by massive rallies, especially in Tesla and Nvidia, which surged 987.26% and 631.84%, respectively.



These stocks were boosted by early enthusiasm for electric vehicles and semiconductor technology, which set the stage for further gains in the Biden era.



Amazon and Apple also thrived during Trump's tenure, with gains of 286.98% and 297.77%, respectively, benefiting from booming e-commerce and strong iPhone sales. 



Even the more mature players, Microsoft and Alphabet, saw their market caps more than double, reflecting the ongoing expansion of cloud computing and digital advertising.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/11/41720723/tesla-vs-nvidia-stock-performance-under-biden-might-reveal-truth-about-elon-musks-support-for-tr">Tesla Vs. Nvidia Stock Performance Under Biden Might Reveal Truth About Elon Musk&#8217;s Support For Trump</a></li>
</ul>



Photo via Shutterstock.

NVDA

Magnificent 7 Basket Notches Over 200% Gain Since Biden's Election: How Did Tech Giants Perform Under Trump?

On Tuesday, the recently launched 2024 election contracts on Robinhood Markets Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOOD#NASDAQ">HOOD</a>) surpassed the 200 million milestone.



On Monday, Robinhood CEO Vlad Tenev <a target="_blank" href="https://www.benzinga.com/general/sports-betting/24/11/41719799/robinhood-passes-100-million-2024-election-contracts-do-users-favor-trump-or-harris-on-sto" rel="noreferrer noopener">shared</a> on X that the company passed 100 million contracts traded in less than a week since <a target="_blank" href="https://www.benzinga.com/news/24/10/41573989/harris-vs-trump-robinhood-launches-election-event-contracts-for-traders-as-2024-presidential-race-he" rel="noreferrer noopener">launching election contracts.</a>



As per an emailed statement to Benzinga, Robinhood said it reached 200 million contracts.



Also Read: <a target="_blank" href="https://www.benzinga.com/news/earnings/24/11/41748807/thomson-reuters-q3-earnings-legal-corporate-segments-enjoy-revenue-boost-as-ceo-highlights-ai-inves" rel="noreferrer noopener">Thomson Reuters Q3 Earnings: Legal, Corporate Segments Enjoy Revenue Boost As CEO Highlights AI Investment</a>



Robinhood&#8217;s election contracts are available to select U.S. users who comply with citizenship requirements.



Robinhood&#8217;s 2024 election contracts showed Donald Trump as the frontrunner at 57 cents, with Vice President Kamala Harris trailing at 45 cents. Winning candidate contracts will pay out $1 each.



Robinhood&#8217;s election contracts add a new investment avenue for users alongside stocks, options, and cryptocurrency.



Interest in prediction markets for the 2024 election has soared, with Polymarket and Kalshi attracting bets from around the world.



Polymarket is only available to users outside the U.S. Kalshi is regulated&nbsp;by the Commodity Futures Trading Commission in the U.S.



Price Action: HOOD stock is up 2.42% at $24.91 at the last check on Tuesday.



Also Read:



<ul>
<li><a href="https://www.benzinga.com/news/earnings/24/11/41745824/short-squeeze-globalfoundries-stock-soars-on-q3-earnings-beat-strong-q4-outlook" target="_blank" rel="noreferrer noopener">Short Squeeze &#8211; GlobalFoundries Stock Soars On Q3 Earnings Beat, Strong Q4 Outlook</a></li>
</ul>



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Robinhood's Election Contracts Hit 200 Million Trades On Election Day

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