• U.S. futures skyrocketed ahead of the opening bell as voting results showed former president Donald Trump was the winner of the 2024 presidential race.

• Cryptocurrency prices soared, and oil futures dropped in anticipation of Trump's policies.

• Shares of banks jumped, and those of solar power companies sank, in early trading as a Trump win is expected to impact their businesses.

U.S. futures soared ahead of the opening bell on Wednesday after former president Donald Trump was won the 2024 U.S. presidential race over Vice President Kamala Harris. Additionally, it seemed Republicans might control both houses of Congress. Investors were taking that as a positive for the markets going forward.

Dow futures skyrocketed more than 1,300 points, or 3%, while futures for the S&P 500 gained 2% and the Nasdaq 1.5%. The small cap Russell 2,000 futures were up about 6%.

The yield on the 10-year Treasury note took off, and the dollar advanced against the euro, pound, and yen. Oil prices fell as Trump has repeatedly promised to “drill, baby, drill” for more domestic energy.

Prices for cryptocurrencies flew higher, with Bitcoin trading up 7% and Ether jumping as much as 8%. Trump is seen as a strong supporter of digital currencies, and in August said he wanted to make America “the crypto capital of the planet.”

Companies expected to benefit from a Trump presidency also advanced in the pre-market session. Shares of banks, including JPMorgan Chase (JPM), Goldman Sachs (GS), and Bank of America (BAC) surged. Trump’s Trump Media & Entertainment Group (DJT) shares added a third of their value in early trades.

Conversely, firms that benefited from the Biden-Harris “green” energy push were hammered. Shares of solar power businesses such as Enphase Energy (ENPH) and First Solar (FSLR) plunged, as did those of lithium producer Albemarle (ALB).