Longer-dated U.S. Treasury bonds, tracked by the popular iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>), saw their steepest decline in over a year on Wednesday, plummeting more than 2.6%, as investors offloaded fixed-income assets amid rising expectations of wider budget deficits and higher inflation, spurred by Donald Trump&#8216;s victory <a href="https://www.benzinga.com/topic/donald-trump">in the presidential election. </a>



This bond sell-off comes one day before a pivotal Federal Reserve interest rate decision scheduled for 2 p.m. ET Thursday.



The Federal Reserve is broadly expected to cut interest rates by 25 basis points to a range of 4.5%–4.75%, a move fully priced in by market participants, according to the CME FedWatch Tool.



While the rate decision itself is almost certain, investors will be more focused on Fed Chair Jerome Powell's remarks, which may offer crucial insights into the Fed&#8217;s stance on the evolving inflation and fiscal policy.



Fed watchers are keen to highlight if a potential shift in fiscal policy under Trump could prompt the Fed to modify its approach.



Economists broadly agree that tariffs and tax cuts are likely to drive up inflation, potentially leading to a more hawkish response from the Federal Reserve. JPMorgan analysts estimate that universal tariffs, coupled with domestic tax cuts, could increase U.S. inflation by as much as 2.4%. 



Goldman Sachs chief economist Jan Hatzius suggests that Trump's policies might keep core inflation above 3% by 2025, well above the Fed's 2% target. Hatzius highlighted that these factors &#8220;might delay cuts that would otherwise come more swiftly.&#8221;



Read also: <a href="https://www.benzinga.com/economics/macro-economic-events/24/11/41772701/trumps-historic-return-7-ways-his-second-term-could-impact-the-us-economy">Trump&#8217;s Historic Return: 7 Ways His Second Term Could Impact The US Economy</a>



<h3 class="wp-block-heading">Fed Expected To Cut Rates In November, But All Eyes Are On What Comes Next</h3>



"We expect a 25-basis-point cut in November, with Powell likely to maintain an optimistic tone," said Bank of America rates analyst Mark Cabana. He explained that softer-than-expected jobs data for October, combined with downward payroll revisions, were key factors solidifying the case for this November rate cut.



Bank of America also indicated that these labor data trends increase the likelihood of another rate cut in December.



Goldman Sachs economist David Mericle highlighted that recent inflation data has eased concerns about inflation reaccelerating. &#8220;Better inflation news has alleviated fears of sticky inflation from earlier in the year,&#8221; he said. He also emphasized strong Q3 GDP growth as a sign of resilience in the U.S. economy, despite a cooling labor market.



Goldman Sachs now forecasts four additional cuts in the first half of next year, bringing rates down to 3.25%–3.5%.



Mericle acknowledged "uncertainty about both the pace and final rate" of future cuts, noting that the Fed&#8217;s path forward will depend heavily on evolving economic data.



<h3 class="wp-block-heading">Will Trump Pressure Powell on Interest Rates?</h3>



During Thursday&#8217;s Q&amp;A, Powell will likely face questions on whether the Fed plans to act preemptively or reactively in response to changing fiscal dynamics.



Investors are eager to understand if the Fed will proactively address anticipated inflation or wait for economic data to reflect any significant change.



Powell, whose term expires in 2026, could also be questioned about the Fed's independence. In his previous term, Trump frequently pressured the Fed to lower rates and has hinted that, if re-elected, he would not renew Powell's term. 



During Trump's first presidency, he issued over hundreds of tweets criticizing Fed policy, often urging for lower rates, according to data shared by the Brookings Institution. 



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



Market data suggest a 70% probability of another 25-basis-point cut at the Fed's Dec. 18 meeting, down slightly from 77% the previous day.



If Powell delivers dovish remarks that reinforce expectations of a December rate cut, risk assets could rally. 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>), might respond positively, while small-cap stocks, tracked by the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>), may extend gains following Wednesday's rally.



Conversely, if Powell signals hesitation about further rate cuts, particularly in December, and indicates a potential inclination toward addressing rising inflation expectations, investors could be disappointed, potentially putting downward pressure on the markets.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/general/politics/24/11/41783357/how-did-s-p-500-sectors-perform-during-trumps-first-term-could-this-time-be-different">How Did S&amp;P 500 Sectors Perform During Trump&#8217;s First Term? Could This Time Be Different?</a></li>
</ul>



Image: Shutterstock

Equities

Bonds

Broad U.S. Equity ETFs

Politics

Econ #s

Economics

Federal Reserve

Markets

ETFs

US Treasuries Take Sharpest Plunge In A Year Ahead Of Fed Meeting: Could Powell Adjust Stance In Response To Trump?

Hurricane Rafael made landfall in Cuba as a Category 3 storm on Wednesday. Here's a look at what stocks could be affected as the hurricane takes <a href="https://www.benzinga.com/markets/equities/24/10/41240852/back-to-back-hurricanes-batter-floridas-insurance-market-stocks-to-watch">aim at the Gulf of Mexico. </a>



What To Know: According to <a href="https://www.foxweather.com/weather-news/tracking-hurricane-rafael-us-gulf-of-mexico-caribbean">a report</a> from Fox Weather, Hurricane Rafael made landfall in the Cuban province of Artemisa with sustained winds of 115 miles per hour, making it a Category 3 hurricane. The storm is expected to enter the Gulf of Mexico on Wednesday night and residents along the coast from Florida to Texas will be watching the storm's path.&nbsp;



Read Next: <a href="https://www.benzinga.com/news/24/11/41781921/what-does-trumps-victory-mean-for-ev-giant-tesla-and-the-big-3-automakers">What Does Trump&#8217;s Victory Mean For EV Giant Tesla And The Big 3 Automakers?</a>



What To Watch: Hurricanes affect people, homes and companies in their paths and spread wide-reaching effects on various sectors and industries. Insurance companies see an influx of claims resulting from damage to property and vehicles. Homes will have to be repaired and rebuilt driving sales of lumber, windows and sheetrock higher. Power outages cause consumers to seek portable generators as an alternative way to power their homes.&nbsp;



Home improvement stores like Home Depot Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HD#NYSE">HD</a>) and Lowe&#8217;s Companies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LOW#NYSE">LOW</a>) could see a pop in sales as people rush to secure their homes before the storm and repair damage after. 



Generac Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GNRC#NYSE">GNRC</a>) designs and manufactures standby generators and portable generators and often sees its shares rise before and after major weather events. 



Shares of insurance companies tend to drop after natural disasters and investors may want to keep an eye on Allstate Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALL#NYSE">ALL</a>), Travelers Companies, Inc.(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRV#NYSE">TRV</a>) and Chubb Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CB#NYSE">CB</a>) in the days and weeks following a potential landfall from Hurricane Rafael. 



Power companies including Duke Energy Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DUK#NYSE">DUK</a>) and Southern Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SO#NYSE">SO</a>) could face increased labor costs and additional costs to repair infrastructure after the storm.



Read More:&nbsp;



<ul>
<li><a href="https://www.benzinga.com/news/large-cap/24/11/41774549/trumps-big-tech-policies-what-gop-victory-means-for-apple-google-microsoft">Trump&#8217;s Big Tech Policies: What GOP Victory Means For Apple, Google, Microsoft</a></li>
</ul>



Photo: Hurricane Rafael as a tropical storm, 11.5.2024. Courtesy the NOAA/Public Domain

News

Trading Ideas

General

GNRC

Hurricane Rafael Hits Cuba As Category 3 Storm: Stocks To Watch As Storm Heads Into Gulf Of Mexico

In a concession speech at Howard University on Wednesday, Vice President Kamala Harris addressed supporters with a message of resilience <a href="https://www.benzinga.com/topic/democratic-party">and commitment to democracy</a>.



Reflecting on the election outcome, Harris urged her supporters to remain hopeful and continue fighting for the nation's values. 



"The outcome of this election is not what we want, not what we fought for, not what we voted for," Harris said. "But hear me when I say, the light of America&#8217;s promise will always burn bright."



Emphasizing the importance of unity, Harris expressed gratitude to her campaign team and the American people. She said her campaign, which focused on "building community and building coalitions," aimed to bring "people together from every walk of life and background, united by love of country with enthusiasm and joy in our fight for America&#8217;s future."



Harris also highlighted the importance of respecting the election's outcome, describing it as a core tenet of democracy. 



"We must accept the results of this election," she said, sharing that she had called President-elect Trump earlier in the day to congratulate him and offer assistance with the transition.



"I also told him that we will help him and his team with their transition and that we will engage in a peaceful transfer of power,&#8221; she added. 



Why It Matters: Harris's message underscores a commitment to American democratic principles and a stark contrast to Trump, who never conceded his 2020 loss. 



"A fundamental principle of American democracy is that when we lose an election, we accept the results," she said. "That principle, as much as any other, distinguishes democracy from monarchy or tyranny."



<a href="https://www.nbcnews.com/politics/2024-election/harris-expected-call-trump-concede-race-rcna178931">According </a>to NBC News, Harris's call for unity comes after President Joe Biden also reached out to Trump, inviting him to the White House to discuss the transition process. 



With Trump securing 292 electoral votes to Harris&#8217;s 226, the 2024 election was a resounding win for the Republican candidate. Harris, who launched her campaign in July, faced challenges as she sought to build support while promoting policies focused on <a href="https://www.benzinga.com/real-estate/24/11/41718664/3-million-new-homes-harriss-40-billion-proposal-takes-aim-at-housing-costs">economic opportunities</a> and <a href="https://www.dailymotion.com/video/x97hx8s">healthcare affordability</a>.



Trump, meanwhile, emphasized his experience in managing economic issues and international conflicts, ultimately securing key battleground states, NBC News reports.



Despite the loss, Harris's speech called on Americans to move forward with a shared commitment to democratic ideals, saying, "We owe loyalty, not to great presidents or a party, but to the Constitution."



Read Next:



<ul>
<li><a href="https://www.benzinga.com/general/social-media/24/11/41784933/donald-trumps-wealth-soars-with-2024-election-win-heres-how-much-president-elect-is-worth-ho">Donald Trump&#8217;s Wealth Soars With 2024 Election Win: Here&#8217;s How Much President-Elect Is Worth, How Much He&#8217;ll Make In White House</a></li>
</ul>



Photo: Shutterstock

Kamala Harris Concedes: Calls For Unity, Commitment To Democracy

Cryptocurrency markets are trading higher as Donald Trump secured a second term in the presidential election.



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Price&nbsp;&nbsp;&nbsp;&nbsp;</td><td>Gains +/-</td></tr><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>&nbsp;$75,833.12</td><td>+9.5%</td></tr><tr><td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>)</td><td>&nbsp;$2,682.34&nbsp;</td><td>+11%</td></tr><tr><td>Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>)</td><td>&nbsp;$188.34</td><td>+14.3%</td></tr><tr><td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)</td><td>&nbsp;$0.1952</td><td>+15.9%</td></tr><tr><td>Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>)</td><td>&nbsp;$0.00001883</td><td>+6%</td></tr></tbody></table></figure>



Notable Statistics:



<ul>
<li>IntoTheBlock data shows large transaction volume increasing by 14.5% and daily active addresses falling by 4.4%. Transactions greater than $100,000 are up from 8,295 to 9,141 in a single day. Exchanges netflows are down by 171.8%.</li>



<li>Coinglass data reports 128,336 traders were liquidated in the past 24 hours for $581.68 million. Crypto short liquidations of $369.8 million peaked to the highest level in more than a year.</li>
</ul>



Notable Developments:



<ul>
<li><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></li>



<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41782783/coinbase-ceo-brian-armstrong-welcomes-most-pro-crypto-congress-ever-as-end-to-gary-gensler">Coinbase CEO Brian Armstrong Welcomes &#8216;Most Pro-Crypto Congress Ever,&#8217; As End To Gary Gensler&#8217;s SEC Chair Stint Nears</a></li>



<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41773856/raoul-pal-urges-crypto-investors-do-not-use-leverage-do-not-lose-your-mind">Raoul Pal Urges Crypto Investors: &#8216;Do Not Use Leverage, Do Not Lose Your Mind&#8217;</a></li>



<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41782166/will-blockchain-adoption-by-big-institutions-hedge-against-inflation-and-boost-returns">Will Blockchain Adoption By Big Institutions &#8216;Hedge Against Inflation&#8217; And Boost Returns?</a></li>



<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41778985/the-bitcoin-act-of-2024-is-a-significant-proposal-will-it-redefine-us-crypto-regulation">The BITCOIN Act Of 2024 &#8216;Is A Significant Proposal&#8217; — Will It Redefine US Crypto Regulation?</a></li>
</ul>



Top Gainers:



<figure class="wp-block-table"><table><tbody><tr><td>Cryptocurrency</td><td>Price&nbsp;&nbsp;&nbsp;&nbsp;</td><td>Gains +/-</td></tr><tr><td>First Neiro On Ethereum (CRYPTO: NEIRO)</td><td>&nbsp;$0.001918</td><td>+42.2%</td></tr><tr><td>Uniswap (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/uni/usd">UNI</a>)</td><td>&nbsp;$9.32</td><td>+32.1%</td></tr><tr><td>Lido DAO (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">LDO</a>)</td><td>&nbsp;$1.24&nbsp;</td><td>+29.3%</td></tr></tbody></table></figure>



Trader Notes: With Bitcoin prices touching its new all-time high levels, crypto trader Jelle noted that Bitcoin broke out:



<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> broke out from the local bull flat. Send it higher! <a href="https://t.co/csIyf5eHYw">https://t.co/csIyf5eHYw</a> <a href="https://t.co/yMRlzaoH8l">pic.twitter.com/yMRlzaoH8l</a>&mdash; Jelle (@CryptoJelleNL) <a href="https://twitter.com/CryptoJelleNL/status/1854224161809256758?ref_src=twsrc%5Etfw">November 6, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div><figcaption class="wp-element-caption">Crypto trader Crypto Bully suggests a &#8220;buy-the-dip&#8221; approach for Bitcoin, advising minimal action as long as Bitcoin holds around the $69,000 level. He cautions against attempting shorts unless for quick scalps and anticipate a potential price dip to the $68,000–$70,000 range within the next week or two. He <a href="https://x.com/BullyDCrypto/status/1854231370455040212">recommends</a> buying the next dip in altcoins, noting that their main positions have been established since August, with limited leveraged trades currently active. </figcaption></figure>



CryptoCon predicts a Bitcoin bull market is locked and loaded for 2025:



<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">What can I say? The wind is at our backs and the <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> bull market is locked and loaded for 2025 just as it always was according to the Halving Cycles Theory. Prosperity inbound, for all crypto. <a href="https://t.co/4EXcfgPdVf">pic.twitter.com/4EXcfgPdVf</a>&mdash; CryptoCon (@CryptoCon_) <a href="https://twitter.com/CryptoCon_/status/1854225304006640028?ref_src=twsrc%5Etfw">November 6, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



What&#8217;s Next: The influence of&nbsp;<a href="https://www.benzinga.com/money/is-bitcoin-a-good-investment" target="_blank" rel="noreferrer noopener">Bitcoin as an institutional asset class</a>&nbsp;is expected to be thoroughly explored at Benzinga&#8217;s upcoming&nbsp;<a href="https://www.benzinga.com/events/digital-assets/agenda/" target="_blank" rel="noreferrer noopener">Future of Digital Assets</a>&nbsp;event on Nov. 19.



Read Next:&nbsp;



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41783773/the-future-of-crypto-regulation-under-a-trump-administration-headwinds-are-now-tailwinds">The Future Of Crypto Regulation Under A Trump Administration: &#8216;Headwinds Are Now Tailwinds&#8217;</a></li>
</ul>



Image: Shutterstock

Cryptocurrency

$BTC

$DOGE

$ETH

$LDO

$SHIB

$SOL

$UNI

Bitcoin, Ethereum, Dogecoin Explode To New Highs: 'BTC Bull Market Is Locked And Loaded For 2025, Says Trader'

Former President Donald Trump defeated Vice President Kamala Harris in the 2024 presidential election, winning a return to the White House and helping boost a media stock associated with him <a href="https://www.benzinga.com/markets/equities/24/11/41767200/trump-media-stock-djt-jumps-33-77-in-pre-market-as-ex-president-inches-closer-to-white-house-vic">along the way.</a>



Here's a look at Trump's growing wealth in recent months.



What Happened: Trump's <a href="https://www.benzinga.com/news/24/11/41768178/donald-trump-defeats-kamala-harris-to-win-2024-election">victory in the 2024 election</a> sent shares of Trump Media &amp; Technology Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJT#NASDAQ">DJT</a>) soaring late Tuesday and early Wednesday.



The company, which was co-founded by Trump and is the owner of the Truth Social platform, saw volatile trading in its stock in the months before the 2024 election.



The stock often traded higher or lower related to Trump's odds in election polls and prediction markets and has also been highly volatile related to major news events around the former president like court cases and assassination attempts.



Trump <a href="https://www.benzinga.com/general/social-media/24/09/40943414/donald-trump-can-cash-out-his-trump-media-technology-stock-keep-company-control-heres-how-ma">owns around 57% </a>of the company and is free to sell his shares, although he has said he doesn't plan on doing so.



With Trump Media &amp; Technology Group shares trading at $36.05 Wednesday, Trump's stake of 114.75 million shares is worth $4.14 billion. Earlier Wednesday morning with shares trading at $45.77, Trump's stake was worth $5.25 billion.



The increase in the share price of Trump Media &amp; Technology Group has provided a bump to Trump's net worth.



Forbes <a href="https://www.forbes.com/sites/tylerroush/2024/11/06/donald-trumps-net-worth-adds-nearly-300-million-after-election-win-as-trump-media-shares-surge/">estimates </a>Trump is worth $6.3 billion. Bloomberg <a href="https://www.bloomberg.com/billionaires/">estimates </a>Trump is worth $6.49 billion as of Tuesday.



Trump is the wealthiest president of all time and will likely return to the White House as a billionaire.



The United States president is <a href="https://www.cbsnews.com/news/how-much-is-the-president-paid/">paid </a>an annual salary of $400,000, paid out on a monthly basis. The position also comes with a $50,000 allowance for expenses, $100,000 allowance for travel and $19,000 allowance for entertainment.



Did You Know?



<ul>
<li>Congress Is Making Huge Investments. <a href="https://www.benzinga.com/gov-trades/?utm_source=BZprocontent110624">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: Trump Media &amp; Technology Group will be closely watched after the election and could continue to serve as a proxy to Trump's time in office.



The social media company<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"> reported quarterly financial results</a> Tuesday ahead of the 2024 election with revenue declining on a year-over-year basis. The company laid out several plans for future growth.



Truth Social's exclusivity with Trump calls for the president-elect to post non-political items on the social media platform first. The exclusivity deal can be terminated by Trump with 30 days prior written notice beginning Feb. 2, 2025.



Trump has been using social media platforms like X and Facebook to share political ads and posts.



Investors will be closely watching to see how Truth Social is used going forward and if it is the home of Trump&#8217;s non-political posts and sees increased interest during his time in the White House.



While Trump posting more on X could help his friendship with Elon Musk and reach a wider audience, it could hurt DJT shares and likewise the president&#8217;s wealth. 



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/top-stories/24/11/41718416/exclusive-top-20-most-searched-tickers-on-benzinga-pro-in-october-2024-where-do-tesla-nvidia-apple-d">EXCLUSIVE: Top 20 Most-Searched Tickers On Benzinga Pro In October 2024 — Where Do Tesla, Nvidia, Apple, DJT Stock Rank?</a></li>
</ul>



Photo via Shutterstock.

Social Media

Movers

Donald Trump's Wealth Soars With 2024 Election Win: Here's How Much President-Elect Is Worth, How Much He'll Make In White House

Bernstein on Wednesday asserted that regulatory headwinds have transformed into tailwinds, following Donald Trump&#8216;s <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41775353/bitcoin-hits-new-all-time-high-as-donald-trump-wins-second-term-what-now">victory in the U.S. presidential election</a>.



What Happened: "The market is nowhere close to factoring in this shift," stated Bernstein in its report on Wednesday.



Bernstein's report points to specific regulatory changes expected to accelerate under a new administration, with a "<a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41654131/pro-crypto-congress-in-2025-experts-see-stablecoins-as-key-area-for-advancement">crypto-friendly SEC</a> and Senate banking committee" likely to bring the <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41450334/there-has-never-been-a-more-pro-crypto-congress-than-the-next-one-heres-why">regulatory clarity</a> the industry has long awaited.



"We expect a new regime of crypto rule-making," Chhugani added, anticipating progressive frameworks that address issues such as asset classification, broker/dealer regulations, and the ownership of crypto by banks.



The report also emphasizes that bipartisan support may <a href="https://www.benzinga.com/markets/cryptocurrency/24/10/41574645/the-devil-will-be-in-the-details-what-to-expect-from-new-crypto-legislation">drive faster progress on crypto legislation</a>, despite political divides. Bernstein analysts foresee swift movement on a stablecoin bill and an industry structure bill for exchanges and broker-dealers.



This could provide clarity for private stablecoin issuers like Circle (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">USDC</a>) and Paxos, as well as U.S.-based crypto exchanges.



"This transformational shift is not priced in," the report notes, encouraging investors to capitalize on these changes as they unfold.



<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/events/digital-assets/ "><img loading="lazy" decoding="async" width="300" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/29155259/905735A6-57D3-4874-9AA1-75D037842DB3-2.gif" alt="Benzinga Future of Digital Assets conference" class="wp-image-270548"/></a></figure>



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41773856/raoul-pal-urges-crypto-investors-do-not-use-leverage-do-not-lose-your-mind">Raoul Pal Urges Crypto Investors: &#8216;Do Not Use Leverage, Do Not Lose Your Mind&#8217;</a>



Coinbase Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) founder Brian Armstrong <a href="https://x.com/brian_armstrong/status/1854028856409436226">echoed</a> these sentiments, celebrating the election of over 219 pro-crypto candidates. "Tonight, the crypto voter has spoken decisively across party lines," Armstrong said, expressing optimism about working with the new Congress to establish "clear rules of the road" for digital assets.



Bernstein further anticipates the Trump administration's <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41770352/bitcoins-future-under-president-elect-donald-trump-a-look-at-his-crypto-policies">pro-Bitcoin policies</a> to impact areas like Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) mining and national Bitcoin reserves.



The report suggests the U.S. may consider a <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40671868/trumps-bitcoin-strategic-reserve-proposal-will-chip-away-dollars-status-warns-expert-money">sovereign Bitcoin reserve</a> akin to gold reserves, positioning Bitcoin as a strategic asset.



Additionally, policies could encourage Bitcoin mining growth within the U.S., potentially integrating miners into energy and AI data center infrastructure.



What&#8217;s Next: As these regulatory shifts unfold, industry leaders will explore the broader implications at Benzinga's <a href="https://www.benzinga.com/events/digital-assets/agenda/">Future of Digital Assets</a> event on Nov. 19.



Read Next: 



<ul>
<li><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></li>
</ul>



Image: Shutterstock

$USDC

COIN

The Future Of Crypto Regulation Under A Trump Administration: 'Headwinds Are Now Tailwinds'

With Donald Trump clinching a second term in the 2024 U.S. presidential election, markets are turning their attention to his potential impact on <a href="https://www.benzinga.com/economics/macro-economic-events/24/11/41772701/trumps-historic-return-7-ways-his-second-term-could-impact-the-us-economy">the economy and markets. </a>



While past performance doesn't guarantee future results, it can still provide valuable insights for investors looking for clues about what to expect from the new administration.



Here's a detailed look at how the 11 S&amp;P 500 sectors fared during Trump's first term.



<h1 class="wp-block-heading">S&amp;P 500 Sector Performance During Trump's First Term (November 2016- November 2020)</h1>



Although Trump wasn't sworn in as president until January 2017, financial markets began reacting to his potential policies immediately after his election.



Trump's first term, which spanned from Nov. 8, 2016 — the day he won against Hillary Clinton — to Nov. 3, 2020 – when he lost versus Joe Biden — brought varied performances across S&amp;P 500 sectors.



Technology and consumer discretionary sectors led the rally, while energy was the clear laggard, with the only negative return among sectors over those four years.



Tech stocks were buoyed by the spectacular rise of Magnificent Seven giants. An equally weighted basket 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>) delivered a remarkable 380% return from November 2016 to November 2020. That return is nearly double the performance of the Magnificent Seven during Biden&#8217;s term.



Read 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>



Regarding the energy sector's poor performance, that wasn't solely a result of the COVID-19 pandemic-driven oil price collapse.



Despite Trump's pro-fossil-fuel policies, energy stocks faced persistent headwinds throughout his term, even before 2020, with the global shift toward renewables putting continuous pressure on traditional oil and gas investments. 



Surprisingly to many, solar stocks — tracked by the Invesco Solar ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAN#NYSE">TAN</a>) — were among the top-performing industries during Trump's first presidency, soaring by an impressive 267% between November 2016 and November 2020.



Below is a table and chart showing the performance of S&amp;P 500 sectors under Trump&#8217;s first term. 



<figure class="wp-block-table is-style-stripes"><table><thead><tr><th>Sector ETF</th><th>Performance Nov. 8, 2016 – Nov. 3, 2020</th></tr></thead><tbody><tr><td>Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>)</td><td>+138.56%</td></tr><tr><td>Consumer Discretionary Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>)</td><td>+86.70%</td></tr><tr><td>Health Care Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NYSE">XLV</a>)</td><td>+53.58%</td></tr><tr><td>Materials Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLB#NYSE">XLB</a>)</td><td>+40.29%</td></tr><tr><td>Industrial Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLI#NYSE">XLI</a>)</td><td>+37.81%</td></tr><tr><td>Utilities Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>)</td><td>+31.52%</td></tr><tr><td>Financial Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>)</td><td>+24.31%</td></tr><tr><td>Consumer Staples Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLP#NYSE">XLP</a>)</td><td>+21.99%</td></tr><tr><td>Communication Services Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLC#NYSE">XLC</a>)</td><td>+20.20%</td></tr><tr><td>Real Estate Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>)</td><td>+15.84%</td></tr><tr><td>Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>)</td><td>-57.40%</td></tr></tbody></table></figure>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="501" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/06115547/image-55-1024x501.png" alt="" class="wp-image-633249" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/06115547/image-55-1024x501.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/06115547/image-55-300x147.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/06115547/image-55-768x376.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/06115547/image-55-1536x752.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/06115547/image-55.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h1 class="wp-block-heading">Financials Were Early Winners In Trump's First Term</h1>



In the first three months following Trump's 2016 election, financials stocks saw significant gains. 



The Financial Select Sector SPDR Fund (XLF) rose by 17.2% between Nov. 8, 2016, and Jan. 10, 2017, outpacing all other sectors. The rally was driven by anticipation of deregulation and tax cuts, which boosted investor confidence in banks and other financial stocks.



Conversely, consumer staples and utilities — traditionally defensive sectors — were the weakest performers in that initial period, with losses of 2.39% and 2.3%, respectively.



<figure class="wp-block-table is-style-stripes"><table><thead><tr><th>Sector</th><th>Return (Nov. 8, 2016 &#8211; Jan. 10, 2017)</th></tr></thead><tbody><tr><td>Financials (XLF)</td><td>+17.21%</td></tr><tr><td>Industrials (XLI)</td><td>+8.07%</td></tr><tr><td>Materials (XLB)</td><td>+7.15%</td></tr><tr><td>Energy (XLE)</td><td>+6.91%</td></tr><tr><td>Consumer Discretionary (XLY)</td><td>+6.00%</td></tr><tr><td>Health Care (XLV)</td><td>+4.58%</td></tr><tr><td>Technology (XLK)</td><td>+4.20%</td></tr><tr><td>Real Estate (XLRE)</td><td>+0.42%</td></tr><tr><td>Utilities (XLU)</td><td>-2.30%</td></tr><tr><td>Consumer Staples (XLP)</td><td>-2.39%</td></tr></tbody></table></figure>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="501" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/06120523/image-56-1024x501.png" alt="" class="wp-image-633276" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/06120523/image-56-1024x501.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/06120523/image-56-300x147.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/06120523/image-56-768x376.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/06120523/image-56-1536x752.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/06120523/image-56.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h1 class="wp-block-heading">Market Reaction To Trump's 2024 Victory: Financials And Industrials Lead Again</h1>



On November 6, 2024, the day after Trump's re-election was confirmed, market activity showed a familiar pattern with financials and industrials posting the strongest gains. 



Financials climbed by 5.6%, followed by energy and industrial, each more than 3.5%, suggesting renewed optimism for deregulation and potential infrastructure investment as investors previously had in the first three months following his election in 2016. 



<figure class="wp-block-table is-style-stripes"><table><thead><tr><th>S&amp;P 500 Sector ETF</th><th>% Change (Nov. 6, 2024)</th></tr></thead><tbody><tr><td>Financials (XLF)</td><td>+5.7%</td></tr><tr><td>Energy (XLE)</td><td>+3.8%</td></tr><tr><td>Industrials (XLI)</td><td>+3.6%</td></tr><tr><td>Consumer Discretionary (XLY)</td><td>+2.6%</td></tr><tr><td>Technology (XLK)</td><td>+2.4%</td></tr><tr><td>Communications (XLC)</td><td>+1.9%</td></tr><tr><td>Materials (XLB)</td><td>+1.3%</td></tr><tr><td>Health Care (XLV)</td><td>+0.0%</td></tr><tr><td>Utilities (XLU)</td><td>-1.1%</td></tr><tr><td>Consumer Staples (XLP)</td><td>-1.6%</td></tr><tr><td>Real Estate (XLRE)</td><td>-3.4%</td></tr></tbody></table></figure>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="501" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/06122651/image-58-1024x501.png" alt="" class="wp-image-633331" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/06122651/image-58-1024x501.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/06122651/image-58-300x147.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/06122651/image-58-768x376.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/06122651/image-58-1536x752.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/06122651/image-58.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h1 class="wp-block-heading">What Could Be Similar — And What Might Change — in Trump's Second Term?</h1>



Trump's return to the White House could bring back some familiar market dynamics, but the economic and geopolitical landscape in 2024 is notably different from 2016. 



Investors should be prepared for a mix of potential tailwinds and headwinds that may shape sector performance in unique ways.



Trump's expected emphasis on tax cuts, deregulation and support for traditional energy sources could once again boost sectors like financials, industrials and consumer discretionary. Financial stocks, in particular, might benefit from any renewed push to ease regulatory restrictions, while industrials could get a lift from a possible infrastructure spending package.



As in his first term, Trump's focus on "America First" policies could support domestic manufacturing and sectors tied to infrastructure, including industrials and materials.



Trump's pro-fossil-fuel stance could give the energy sector some breathing room. Traditional energy companies may benefit if there's a shift in focus back toward oil and gas, though this will depend on global energy market dynamics.



Global trade dynamics have shifted significantly since Trump's first term, with ongoing tensions between the U.S. and China.



If Trump reintroduces tariffs on Chinese imports, it could impact tech and industrials sectors, which rely on international supply chains and components.



Last but not least, even if Trump policies seem to prioritize fossil fuels, the private sector&#8217;s commitment to renewables could still drive growth in solar and clean energy stocks.



Read Now:



<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41775079/dollar-index-sees-biggest-1-day-rally-since-brexit-on-trump-victory">Dollar Index Sees Biggest 1-Day Rally Since Brexit On Trump Victory</a></li>
</ul>



Photo: Image created using Shutterstock images

Global

AAPL

AMZN

GOOG

GOOGL

MSFT

NVDA

TSLA

XLRE

How Did S&P 500 Stock Sectors Perform During Trump's First Term? Could This Time Be Different?

An &#8220;everything rally&#8221; powered Wall Street on Wednesday after the 2024 election results, with Donald Trump emerging as the clear presidential winner. The Republican Party reclaimed control of the Senate, while the House of Representatives leans Republican <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/41778433/s-p-500-dow-hit-record-highs-after-trump-win-fear-index-drops-20">but remains undecided.</a>



The major U.S. equity indices – the S&amp;P 500, Dow Jones Industrial Average, and Nasdaq 100 – surged to record highs in early trading, as investor optimism grew on expectations of more favorable tax policies. 



The S&amp;P 500, Nasdaq, and Dow posted gains of 2.3%, 2.4%, and 3.3%, respectively.



However, the real standouts were small caps and bank stocks, with investors turning to domestic businesses and U.S. banks in anticipation of potential tariff protections and further financial deregulation. 



The Russell 2000 jumped 5.5%, marking its largest single-day increase in two years. 



Large-cap bank stocks climbed 6%, while regional banks tracked by the SPDR S&amp;P Regional Banking ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRE#NYSE">KRE</a>) soared 13%—both seeing their biggest one-day gains since November 2020, when the first COVID-19 vaccine was announced.



Clean energy stocks were among the day's worst performers, with the Invesco Solar ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TAN#NYSE">TAN</a>) plunging 11% for its steepest drop since March 2020, as investors braced for potential rollbacks on green initiatives under the Trump administration.



In the foreign exchange market, the U.S. dollar initially rallied nearly 2% before paring gains to 1.4% as traders awaited a Federal Reserve interest rate cut on Thursday.



Treasury yields spiked as expectations rose for larger budget deficits under Republican fiscal policies and higher inflation due to potential tariffs. The 10-year Treasury yield climbed 14 basis points to 4.41%, reaching a four-month high.



Gold prices fell 2.8%, silver dropped over 4%, while natural gas rose 3.8%. Oil prices remained steady.



In the cryptocurrency market, risk appetite thrived, with Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) rising over 8% to reach a record high of $75,000. Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) gained 10%, and Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) surged 14%, the strongest performance among the top 10 cryptocurrencies.



<h3 class="wp-block-heading">Wednesday&#8217;s Performance In Major US Indices, Sectors</h3>



<figure class="wp-block-table is-style-stripes"><table><tbody><tr><td>Major Indices</td><td>Price</td><td>1-day % chg</td></tr><tr><td>Russell 2000</td><td>2,388.20</td><td>5.6%</td></tr><tr><td>Dow Jones</td><td>43,739.86</td><td>3.6%</td></tr><tr><td>Nasdaq 100</td><td>20,740.09</td><td>2.5%</td></tr><tr><td>S&amp;P 500</td><td>5,922.98</td><td>2.4%</td></tr></tbody></table><figcaption class="wp-element-caption">Updated at 1:30 p.m. ET</figcaption></figure>



<figure class="wp-block-table is-style-stripes"><table><thead><tr><th>Sector</th><th>1-day % chg</th></tr></thead><tbody><tr><td>Financials</td><td>6.0%</td></tr><tr><td>Energy</td><td>4.0%</td></tr><tr><td>Industrials</td><td>3.9%</td></tr><tr><td>Cons. Discretionary</td><td>2.9%</td></tr><tr><td>Technology</td><td>2.7%</td></tr><tr><td>Communications</td><td>1.9%</td></tr><tr><td>Materials</td><td>1.8%</td></tr><tr><td>Health Care</td><td>0.3%</td></tr><tr><td>Utilities</td><td>-0.7%</td></tr><tr><td>Cons. Staples</td><td>-1.7%</td></tr><tr><td>Real Estate</td><td>-3.3%</td></tr></tbody></table><figcaption class="wp-element-caption">Updated at 1:30 p.m. ET</figcaption></figure>



According to <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent110624&amp;t=be2bearmibe3na1">Benzinga Pro</a> data:



<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) rose 2.4% to $590.30.</li>



<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;rallied 3.5% to $437.05.</li>



<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) soared 2.5% to $504.69.</li>



<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) spiked 5.6% to $236.23.</li>



<li>The Financials Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>) outperformed, rising 6%. The Real Estate Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>) lagged, down 3.3%.</li>
</ul>



<h3 class="wp-block-heading">Wednesday&#8217;s Stock Movers</h3>



Stocks reacting to earnings reports were: 



<ul>
<li>Archer-Daniels-Midland Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ADM#NYSE">ADM</a>), up 2%, </li>



<li>Devon Energy Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DVN#NYSE">DVN</a>), up 1.8%, </li>



<li>Super Micro Computer Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>), down 22%, </li>



<li>CVS Health Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVS#NYSE">CVS</a>), up 12%,</li>



<li>DBA Sempra (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SRE#NYSE">SRE</a>), up 5.8%, </li>



<li>American Electric Power Company Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AEP#NASDAQ">AEP</a>), down 3%, </li>



<li>Cencora Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COR#NYSE">COR</a>), up 5.5%, </li>



<li>Howmet Aerospace Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HWM#NYSE">HWM</a>), up 10.7%, </li>
</ul>



Major companies moving in reaction to election results were: 



<ul>
<li>Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), up 14.8%, </li>



<li>Capital One Financial Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COF#NYSE">COF</a>), up 14.4%, </li>



<li>Morgan Stanley (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MS#NYSE">MS</a>), up 13.1%, </li>



<li>Wells Fargo &amp; Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>), up 13.1%, </li>



<li>The Goldman Sachs Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>), up 12.9%. </li>
</ul>



The rallies in the stock and crypto markets drove shares of Robinhood Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HOOD#NASDAQ">HOOD</a>) and Coinbase Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) up by 18% and 26%, respectively.



Major losers among clean energy stocks included Enphase Energy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ENPH#NASDAQ">ENPH</a>) and First Solar Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FSLR#NASDAQ">FSLR</a>), down 16.7% and 10.5%, respectively. 



Read Next:



<ul>
<li><a href="https://www.benzinga.com/trading-ideas/technicals/24/11/41781115/stock-of-the-day-trump-media-technology-hits-resistance-reverses-and-trends-lower">Stock Of The Day: Trump Media &amp; Technology Hits Resistance, Reverses And Trends Lower</a></li>
</ul>



Image created using artificial intelligence via Midjourney.

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ENPH

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SMCI

Trump's Win Sends Indices To Record Highs; Financials, Small Caps Surge, Bitcoin Tops $75,000: What's Driving Markets Wednesday?

The S&amp;P 500 and Dow Jones Industrial Average surged to record levels on Wednesday after Donald Trump was elected as <a href="https://www.benzinga.com/topic/donald-trump">the 47th U.S. president.</a>



In Congress, Republicans clinched a majority in the Senate, while the House race remains close. As of Wednesday morning&#8217;s tabulations, Republicans held 198 seats versus 180 for Democrats.



The S&amp;P 500 index, as tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), climbed 2% to 5,900 points, while the Dow soared over 3% to 43,500 points. The blue-chip index, monitored through the SPDR Dow Jones Industrial Average ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>), marked its biggest single-day gain since November 2022.



The financials and industrials sectors were the top performers, up 5.2% and 3%, respectively.



The tech-heavy Nasdaq 100 witnessed smaller gains, up 1.8%, while small-cap stocks skyrocketed, with the Russell 2000 index spiking over 5%. 



The CBOE Volatility Index (VIX), often called the &#8220;fear gauge,&#8221; plummeted 22%, indicating waning investor concerns amid post-election optimism.



Investors are responding positively to the prospect of more lenient tax policies under the upcoming Trump administration, though inflation risks and potential shifts in Federal Reserve policy highlighted by economists seem to be largely overlooked by the market for now.



<h3 class="wp-block-heading">Economic Implications Of A Trump Presidency, Goldman Sachs Weighs In</h3>



&#8220;If Republicans secure a narrow House majority, this would likely enable a full extension of the 2017 tax cuts, set to expire in 2025, potentially with some reinstated business investment incentives,&#8221; wrote Jan Hatzius, Goldman Sachs&#8217; chief economist.



A Republican-controlled Congress may also drive increased federal spending, particularly on defense, Goldman Sachs indicated.



"We would expect Trump to impose additional tariffs averaging 20% on imports from China," Hatzius added, highlighting that this policy could provide a &#8220;one-time boost to core PCE inflation&#8221; and &#8220;a modest drag on GDP.&#8221;



Goldman Sachs projects that the incoming Trump administration would likely pursue a more relaxed approach to regulation, especially in energy, financial services, and labor. 



However, while antitrust oversight may soften somewhat, scrutiny of the tech sector is expected to persist.



<h3 class="wp-block-heading">Top-Performing S&amp;P 500 Sectors After Trump Secures Election Victory</h3>



<figure class="wp-block-table is-style-stripes"><table><thead><tr><th>Sector</th><th>ETF</th><th>1-day Change (%)</th></tr></thead><tbody><tr><td>Financials</td><td>Financial Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLF#NYSE">XLF</a>)</td><td>5.15%</td></tr><tr><td>Industrials</td><td>Industrial Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLI#NYSE">XLI</a>)</td><td>2.99%</td></tr><tr><td>Energy</td><td>Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>)</td><td>2.68%</td></tr><tr><td>Consumer Discretionary</td><td>Consumer Discretionary Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>)</td><td>2.60%</td></tr><tr><td>Technology</td><td>Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>)</td><td>2.22%</td></tr><tr><td>Materials</td><td>Materials Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLB#NYSE">XLB</a>)</td><td>1.66%</td></tr><tr><td>Communications</td><td>Communication Services Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLC#NYSE">XLC</a>)</td><td>1.54%</td></tr><tr><td>Health Care</td><td>Health Care Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NYSE">XLV</a>)</td><td>1.08%</td></tr><tr><td>Consumer Staples</td><td>Consumer Staples Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLP#NYSE">XLP</a>)</td><td>-0.42%</td></tr><tr><td>Utilities</td><td>Utilities Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>)</td><td>-1.23%</td></tr><tr><td>Real Estate</td><td>Real Estate Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>)</td><td>-1.29%</td></tr></tbody></table><figcaption class="wp-element-caption">Updated at 9.45 a.m. ET</figcaption></figure>



<h3 class="wp-block-heading">Top Gainers, Losers Within The S&amp;P 500 Following Trump&#8217;s Win</h3>



<figure class="wp-block-table is-style-stripes"><table><thead><tr><th>Name</th><th>Last</th><th>Chg %</th></tr></thead><tbody><tr><td>Discover Financial Services (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DFS#NYSE">DFS</a>)</td><td>187.37</td><td>23.39%</td></tr><tr><td>Capital One Financial Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COF#NYSE">COF</a>)</td><td>193.69</td><td>16.64%</td></tr><tr><td>Synchrony Financial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SYF#NYSE">SYF</a>)</td><td>65.93</td><td>16.03%</td></tr><tr><td>Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>)</td><td>288.40</td><td>14.70%</td></tr><tr><td>Nucor Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NUE#NYSE">NUE</a>)</td><td>164.96</td><td>14.07%</td></tr><tr><td>Trimble Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TRMB#NASDAQ">TRMB</a>)</td><td>69.97</td><td>13.55%</td></tr><tr><td>Charles River Laboratories International (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRL#NYSE">CRL</a>)</td><td>214.16</td><td>13.51%</td></tr><tr><td>CVS Health Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVS#NYSE">CVS</a>)</td><td>62.76</td><td>13.40%</td></tr><tr><td>Wells Fargo &amp; Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>)</td><td>72.43</td><td>13.05%</td></tr><tr><td>Steel Dynamics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STLD#NASDAQ">STLD</a>)</td><td>149.73</td><td>10.38%</td></tr></tbody></table><figcaption class="wp-element-caption">Updated at 9.45 a.m. ET</figcaption></figure>



<figure class="wp-block-table is-style-stripes"><table><thead><tr><th>Name</th><th>Last</th><th>Chg %</th></tr></thead><tbody><tr><td>Super Micro Computer, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>)</td><td>21.01</td><td>-24.15%</td></tr><tr><td>Enphase Energy, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ENPH#NASDAQ">ENPH</a>)</td><td>74.05</td><td>-17.67%</td></tr><tr><td>First Solar, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FSLR#NASDAQ">FSLR</a>)</td><td>181.42</td><td>-15.97%</td></tr><tr><td>D.R. Horton, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DHI#NYSE">DHI</a>)</td><td>161.70</td><td>-6.68%</td></tr><tr><td>The AES Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AES#NYSE">AES</a>)</td><td>14.50</td><td>-6.51%</td></tr><tr><td>Lennar Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LEN#NYSE">LEN</a>)</td><td>166.31</td><td>-6.19%</td></tr><tr><td>Universal Health Services, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UHS#NYSE">UHS</a>)</td><td>199.41</td><td>-6.01%</td></tr><tr><td>Best Buy Co., Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BBY#NYSE">BBY</a>)</td><td>87.26</td><td>-6.01%</td></tr><tr><td>American Tower Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMT#NYSE">AMT</a>)</td><td>201.33</td><td>-5.86%</td></tr><tr><td>Dollar Tree, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DLTR#NASDAQ">DLTR</a>)</td><td>63.15</td><td>-5.42%</td></tr></tbody></table><figcaption class="wp-element-caption">Updated at 9.45 a.m. ET</figcaption></figure>



Read Next:



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<li><a href="https://www.benzinga.com/economics/macro-economic-events/24/11/41772701/trumps-historic-return-7-ways-his-second-term-could-impact-the-us-economy">Trump&#8217;s Historic Return: 7 Ways His Second Term Could Impact The US Economy</a></li>
</ul>



Photo: Shutterstock

Analyst Color

DLTR

STLD

TRMB

S&P 500, Dow Hit Record Highs After Trump Win; Fear Index Drops 20%

‘Sell at former peaks' is an old Wall Street expression. This refers to how when a stock reaches a price level that had previously been a peak, it tends to hit resistance. It may also reverse and start to trend lower.



As you can see on the chart, this has been the case with the $53.50 level for Trump Media &amp; Technology Group Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJT#NASDAQ">DJT</a>). This is why our team of expert technical analysts has made it our <a href="https://www.benzinga.com/topic/stock-of-the-day">Stock of the Day</a>.



The shares first hit resistance around $53.50 in the middle of May. Soon after, they trended lower.



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="953" height="498" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/06120904/1-5.png" alt="Trump" class="wp-image-633288" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/06120904/1-5.png 953w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/06120904/1-5-300x157.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/06120904/1-5-768x401.png 768w" sizes="(max-width: 953px) 100vw, 953px" /></figure>



Read Also: <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 (UPDATED)</a>



When this happened, many of the traders and investors who purchased shares around $53.50 thought their decision to do so was a mistake. Many decided to get out. But they would only do so if they could without losing money.



So when the stock rallied back to the level at the end of May, many of these remorseful buyers placed sell orders. This large concentration of sell orders formed resistance at the same level that had been a peak before.



At the end of October, the same thing happened.



The stock ripped higher as <a href="https://www.benzinga.com/news/earnings/24/11/41769412/dow-nasdaq-futures-race-higher-as-trump-wins-white-house-djt-tesla-shares-surge-veteran-investor-pr">investors thought President Trump would win the election</a>. But when it reached the important $53.50 level again the sellers flooded the market and put a top on the price.



Sometimes stocks reverse and sell off after they reach resistance.



This happens when some of the investors and traders who created the resistance with their sell orders become anxious. They get concerned that others will be willing to sell for lower prices than they are and they know that this is who the buyers will go to.



So they reduce the prices they are willing to sell their shares for. Other anxious sellers see this and do the same thing. They also reduce the prices they are willing to sell for.



This can result in a snowball effect that may push the price lower.



This is what happened the last three times Trump Media reached the $53.50 level. If it rallies back up to this price, there is a good chance that it does once again.



Read Next:



<ul>
<li><a href="https://www.benzinga.com/etfs/sector-etfs/24/11/41779731/trump-victory-sends-bank-stocks-higher-leading-s-p-500-on-regulatory-hopes">Trump Victory Sends Bank Stocks Higher, Leading S&amp;P 500 On Regulatory Hopes</a></li>
</ul>



Image: Shutterstock

Technicals

Stock Of The Day: Trump Media & Technology Hits Resistance, Reverses And Trends Lower

Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) surged to a new all time high of $75,358 on Wednesday during European trading hours, with market experts projecting further gains up to $120,000 amid expectations of <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41746095/what-the-election-outcome-means-for-bitcoins-near-term-price-action">crypto-friendly policies under Donald Trump</a>&#8216;s presidency, according to multiple industry leaders.



What Happened: Donald Trump has won the 2024 U.S. presidential election, defeating <a href="https://www.benzinga.com/news/24/11/41768178/donald-trump-defeats-kamala-harris-to-win-2024-election">Democratic contender Kamala Harris.</a>



After a <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41752969/nate-silvers-closest-call-yet-how-2024s-election-stands-apart-from-his-predictions-in-2016">tightly contested race</a>, Trump emerged as the victor, securing his return to the White House. 



After peaking in early European trading, Bitcoin retraced slightly to $74,210, still up 6.5% for the day, <a href="https://www.coingecko.com/en/coins/ethereum">according</a> to CoinGecko data.



Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>), the second-largest cryptocurrency, also gained 8%, however, still down 46% from its all time high, last seen on Nov 10, 2021.



The broader market capitalization <a href="https://www.coingecko.com/">rose </a>by 4.2% to $2.58 trillion on Wednesday, reflecting strong interest in digital assets amid shifting political and economic conditions.



The rally has spurred intense trading, with $560.76 million in liquidations over the past 24 hours, including $188.55 million in long positions and $372.37 million in short positions, CoinGlass data <a href="https://www.coinglass.com/LiquidationData">shows</a>.



What Experts Think: In a note sent to Benzinga, Raj Karkara, COO of ZebPay, said Bitcoin's latest high marks a milestone in its maturity as an asset.



&#8220;Bitcoin reaching a new record high is a groundbreaking milestone that underscores the strength and maturity of the crypto market,&#8221; he said. 



Karkara highlighted Bitcoin's increasing appeal among investors seeking a "mainstream store of value" and a tool for financial autonomy and wealth preservation. 



Experts are closely watching the impact of the U.S. presidential election on market dynamics, with several anticipating a Trump victory could bolster the crypto industry by easing regulatory pressures. 



Shunyet Jan, Head of Institution and Derivatives at Bybit, noted that a Trump win may lead to "greater acceptance and regulatory certainty for crypto in the U.S.," potentially shifting regulatory personnel to include more crypto-friendly voices. 



"Institutions are closely watching these developments, as greater clarity on regulation would positively impact market stability and liquidity," Jan added.



Sumit Gupta, Co-founder of CoinDCX, linked Bitcoin's surge to the political climate, especially <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41775353/bitcoin-hits-new-all-time-high-as-donald-trump-wins-second-term-what-now">Trump's pro-crypto stance</a>. "BTC has just reached a new all-time high…driven by U.S. election results and the prospect of a <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41650250/harris-vs-trump-crypto-industry-anticipates-favorable-regulatory-environment-for-bi">pro-crypto administration</a> with Trump's lead," Gupta said.



In a note to Benzinga, he projected that, with these tailwinds, Bitcoin could aim for levels around $95,000 to $100,000, highlighting the potential for broader gains in a favorable regulatory environment.



Avinash Shekhar, Co-founder &amp; CEO of Pi42, pointed to the growing confidence in Bitcoin as a hedge amid political uncertainties. 



"Bitcoin's recent surge to a record high…is a strong indicator of the confidence investors have in its resilience," he said. 



He noted that if the election results bring pro-crypto policies, it could unlock further institutional adoption, potentially driving Bitcoin even higher.



<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/events/digital-assets/ "><img loading="lazy" decoding="async" width="300" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/29155259/905735A6-57D3-4874-9AA1-75D037842DB3-2.gif" alt="Benzinga Future of Digital Assets conference" class="wp-image-270548"/></a></figure>



Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41725148/first-uk-pension-scheme-allocates-3-to-bitcoin">First UK Pension Scheme Allocates 3% To Bitcoin</a>



Isaac Joshua, CEO of Gems, a crypto launchpad, shared a similarly bullish outlook, suggesting that regulatory relief under a Trump administration could lead to rapid market expansion. 



"Under Trump&#8217;s presidency, we could likely see immediate regulatory relief for the crypto industry, allowing for freer market expansion…potentially pushing Bitcoin above the $120,000 mark," Joshua said. 



He emphasized that Trump's pro-business stance may encourage traditional financial institutions to adopt crypto services faster, driving significant capital flows into the sector.



Viram Shah, CEO of Vested Finance, provided additional context, explaining that a Trump win could bring inflationary pressures, prompting the Federal Reserve to <a href="https://www.benzinga.com/general/politics/24/10/41436449/trumps-possible-federal-reserve-shake-up-could-target-regulatory-leadership">maintain higher interest rates</a>.



&#8220;A potential victory for Trump may lead to policies that encourage tax cuts and tariffs, which could increase inflationary pressures," Shah noted, highlighting the Fed's role in shaping investor sentiment. 



In the medium to long term, many experts see institutional demand and regulatory clarity as essential drivers of crypto market expansion. 



James Wo, CEO of Digital Finance Group, suggested a "strong post-election rally" supported by ETF inflows and increased investor confidence, with the possibility of periodic regulatory updates bolstering the market over the next year. 



"We anticipate a strong post-election rally…with markets then focusing on potential policy developments around crypto," Wo commented, projecting a sustained bullish trend if inflation subsides and interest rates stabilize.



While sentiment remains largely optimistic, experts also urge caution. 



Iossif Vodenitcharov, Head of Risk at Thalex, warned of potential volatility, noting that "a second Trump administration could immediately push for looser regulations on financial markets in general, potentially benefiting the crypto industry by allowing more innovation." 



This could result in heightened short-term volatility, he added, as the market adjusts to any regulatory shifts.



Anthony Yeung, Global Head of Strategic Development at CoinCover, highlighted the need for balanced regulation, noting that prolonged delays could diminish the U.S.'s influence on global crypto standards. 



"While President-elect Trump has claimed to make the US the ‘<a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40734266/trump-promised-to-turn-the-u-s-into-the-crypto-capital-of-the-world-but-did-he-actually-fo">crypto capital</a>' of the world…the details of his plans remain to be seen," Yeung said.



He said that targeted and proportionate regulation is crucial for fostering innovation while protecting consumers.



What&#8217;s Next: As the election unfolds and regulatory outlooks clarify, Benzinga&#8217;s <a href="https://www.benzinga.com/events/digital-assets/agenda/">Future of Digital Assets</a> event on Nov. 19 will provide a timely platform for further insights into how these factors could shape the digital assets market.



Read Next: 



<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/41715056/61-000-is-bitcoin-line-in-the-sand-for-etf-demand-to-remain-steady-says-analyst">$61,000 Is Bitcoin&#8217; Line In The Sand For ETF Demand To Remain Steady, Says Analyst</a></li>
</ul>



Image: Shutterstock

Bitcoin's All-Time High: 'A Groundbreaking Milestone' And 'Strong Post-Election Rally' Coming, Experts Predict

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.



Now Read:



<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/11/41767200/trump-media-stock-djt-jumps-33-77-in-pre-market-as-ex-president-inches-closer-to-white-house-vic">Trump Media Stock (DJT) Jumps 33.77% In Pre-Market As Ex-President Inches Closer To White House Victory</a></li>
</ul>



Image: Shutterstock

SOXX

Trump's Big Tech Policies: What GOP Victory Means For Apple, Google, Microsoft

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.



Read Next:



<ul>
<li><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></li>
</ul>



Photo: Anna Moneymaker/Shutterstock.com

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

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.



Cover image made with AI

Cannabis

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CURLF

GTBIF

MSOS

NLCP

TCNNF

VRNOF

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.



Did You Know?



<ul>
<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>
</ul>



Image via Flickr



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

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

Futures

Pre-Market Outlook

QCOM

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.

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'

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