All three major averages closed at record highs on Wednesday after Donald Trump won the presidential elections.

The S&P 500 (^GSPC) climbed 2.5% to close above 5,900 while the Dow Jones Industrial Average (^DJI), rose about 1500 points or 3.5%. The Nasdaq Composite (^IXIC) gained about 2.9% as shares of chip heavyweight Nvidia (NVDA) also soared more than 4% to a new record.

Tesla (TSLA) also rose 14% as the EV giant's CEO Elon Musk was instrumental in supporting Trump.

Financials (XLF) led the market gains with JPMorgan (JPM) and Goldman Sachs (GS) hitting new highs.

Investors now turn their focus on the Federal Reserve's rate decision due tomorrow afternoon.

Clean energy and renewable stocks took a hit on Wednesday following Trump's White House victory. The President elect has been a critic of green climate policies.

The Invesco Solar ETF (TAN) declined as much as 11% while iShares Global Clean Energy ETF (ICLN) fell more than 7%.

Goldman Sachs strategists maintained their 12-month S&P 500 (^GSPC) index target of 6300 given Donald Trump's White House election victory on Wednesday.

"Robust earnings growth should drive continued equity market appreciation into next year," wrote Goldman's chief US equity strategist David Kostin and his team.

Kostin forecasts EPS growth of 11% in 2025 and 7% in 2026, "although those estimates may change as the new administration's policy agenda comes into clarity."

The strategist also added: "The prospect of trade conflict poses downside risk to these estimates, while the potential for changing regulatory and corporate tax policy pose upside risks."

On Wednesday the S&P 500 surged 2.5% to hover above 5,900 at new record highs.

President Biden called President elect Donald Trump to congratulate him on his victory and extended an invitation to the White House, according to the White House press pool.

Biden will also address the nation on Thursday to talk about the election results and a transition.

Vice President Kamala Harris also called Trump on Wednesday to concede and congratulate him. Harris is set to speak at 4 p.m. ET at Howard University.

The Yahoo News live blog has more coverage and up-to-the-date info.

The Federal Reserve is widely expected to cut interest rates by 25 basis points on Thursday. And many economists are still projecting another cut in December is likely on the table as well.

But Donald Trump's election win is shifting how economists are viewing the path forward for the Fed come 2025. As Yahoo Finance's Ben Werschkul has reported: Trump's main campaign promises — a new wave of tariffs and a “mass deportation” of undocumented immigrants — could put new upward pressure on prices, many economists say.

That sentiment played out in markets and Wall Street's Fed forecasts on Wednesday. The 10-year treasury yield (^TNX) spiked as much as 17 basis points to hit 4.46%. The move extended a recent surge in treasuries as economic growth data has largely come in better-than-expected since the Fed slashed rates by half a percentage point on Sep. 18.

Markets have now moved from seeing nearly eight cuts when the Fed first cut rates back in September, to now pricing in about four cuts through the end of next year.

Wells Fargo chief economist Jay Bryson had projected seven interest rate cuts from the Fed over the next year. But Bryson wrote in a note to clients on Wednesday that there are now clear risks to their forecast and the Fed cuts less than initially thought.

"The FOMC may not want to ease policy by that much if new tax cuts and tariffs cause inflation to shoot higher over the next couple of years," Bryson wrote. Thus, we think the risks to our fed funds rate forecast are skewed to the upside (i.e., less easing next year than we currently project).

Given Wednesday's Fed decision feels widely anticipated any commentary on how Trump policies could impact the Fed's path forward will be sure to grab investor attention during Fed chair Jerome Powell's press conference at 2:30 p.m. ET.

Vice President Kamala Harris called former President Donald Trump to concede the presidential race, a senior campaign aide said.

Jen O'Malley Dillon, Harris's campaign manager, said Harris told Trump she would work with President Joe Biden to ensure a peaceful transfer of power. Harris also told Trump that she "hopes he will be a president for all Americans."

Harris will address the nation later today in a speech at Howard University as the Democratic Party reels from its second stunning defeat to the billionaire.

Trump has swung four states he lost in 2020 in his path back to the White House: Georgia and the "blue wall" states of Pennsylvania, Michigan, and Wisconsin.

The Yahoo News live blog has more coverage and up-to-the-date info.

S&P 500 (^GSPC) climbed above 5,900 for the first time ever on Wednesday as investors went risk-on following Donald Trump's White House victory.

The Dow Jones Industrial Average (^DJI), up more than 3%, also touched a fresh intraday record while the Nasdaq Composite (^IXIC) gained more than 2.5% to hover at new highs.

Financials (XLF) led the market gains with JPMorgan (JPM) and Goldman Sachs (GS) hitting new records.

On the tech side, chip heavyweight Nvidia (NVDA) also soared more than 4% to touch new highs.

Nvidia stock (NVDA) touched a record on Wednesday, up 4% as the major averages soared following Donald Trump's presidential victory.

Shares of the artificial intelligence chip heavyweight also helped send the S&P 500 (^GSPC) to an intraday record.

Nvidia recently surpassed Apple (AAPL) as the biggest company in the world by market capitalization.

The markets soared on Wednesday after Trump won the presidential election against Vice President Kamala Harris.

Tesla (TSLA) shares soared 14% in afternoon trading as Wall Street analysts weighed in on how the electric vehicle giant could benefit from Donald Trump's presidential victory.

"TSLA and CEO Elon Musk are perhaps the biggest winners from the election result, and we believe Trump's victory will help expedite regulatory approval of the company's autonomous driving technology," wrote Garrett Nelson, vice president and senior equity analyst at CFRA Research.

The analyst upgraded Tesla to Buy from Hold, lifting his 12-month price target on the stock from $110 to $375 per share.

Musk was pivotal in helping elect Trump, spending more than $130 million on Trump and down-ballot Republicans.

Donald Trump's election win shaped the stock market action early Wednesday, with a broad "Trump trade" pushing stocks, crypto, and other themes higher in a broad rally.

"The market initially is focused on all the potential positives of a Trump candidacy as far as lower regulations, lower taxes," Truist co-chief investment officer Keith Lerner told Yahoo Finance.

Investor support for the financial sector was a standout on Wednesday.

The SPDR Financials Sector ETF (XLF), which is comprised of some of the largest banks in the country, rose more than 4% for its best day in two years. Big banks including JPMorgan Chase (JPM), Bank of America (BAC), Goldman Sachs (GS), Wells Fargo (WFC), Citigroup (C), and Morgan Stanley (MS) were all up between 7% and 11%.

Meanwhile, companies with pending acquisitions caught bids, as seen by the more than 17% rise in Discover Financials (DFS) stock, which is currently in agreement to be acquired by Capital One (COF).

Read more on other Trump trades taking place today here.

Super Micro Computer (SMCI) stock tanked as much as 27% Wednesday before paring losses.

Shares of the AI server maker, which is a customer of Nvidia (NVDA), tumbled 24% to trade above $20 midday.

The drop extends Tuesday's losses after Super Micro earnings missed estimates. The company also said it couldn't predict when it would file its delayed 10-K report to the US Securities and Exchange Commission.

The stock, which thrived earlier this year thanks to the artificial intelligence boom, has been under pressure since a report from short-selling firm Hindenburg Research in August revealed alleged accounting violations at the company. Shares tanked further when the Wall Street Journal reported in September that the company was being investigated by the Department of Justice. They plunged again on Oct. 30 when Super Micro's accounting firm Ernst & Young, which was conducting its audit, resigned. Super Micro is now at risk of being delisted from the Nasdaq (^IXIC).

Major US-listed Chinese stocks sank after a decisive US election win for Republican nominee and former President Donald Trump, who has promised to impose a 60% tariff on Chinese imports.

Shares of US-listed Chinese e-commerce giant Alibaba (BABA) fell as much as 4.5% while JD.com (JD) dropped as much as 7.7%, Bilibili (BILI) stock fell up to 7.8%, Baidu (BIDU) sank as much as 2.9%, and PDD Holdings (PDD) tumbled up to 5.1%. The stocks pared losses as the morning continued.

Trump's trade plan would implement tariffs at levels unseen since the Great Depression, which would raise basic costs for US households and hit GDP growth.

Read the full story here.

President-elect Donald Trump has vowed to bring mortgage rates down. It may not necessarily work out that way.

"Trump’s fiscal policies can be expected to lead to rising and more unpredictable mortgage rates through the end of this year and into 2025," Bright MLS chief economist Lisa Sturtevant wrote in an email Wednesday. "Signals of higher mortgage rates are already out there in the form of rising yields on the 10-year Treasury this morning."

The yield on the 10-year Treasury spiked early Wednesday to 4.45%. Mortgage rates usually move in conjunction with the 10-year yield as lenders determine their daily rates with movements in the bond market.

Sturtevant added, "Bond yields are rising because investors expect Trump’s proposed fiscal policies to widen the federal deficit and reverse progress on inflation."

According to a Wall Street Journal survey conducted in early October, most economists predicted inflation, interest rates and deficits would be higher in a Trump administration versus a Kamala Harris administration.

Trump's victory comes as the housing market has remained out of reach for many Americans over the past few years, driven by record-high home prices, elevated mortgage rates, and an undersupply of homes.

Oil slid as much as 2% on Wednesday before flipping into green territory as the US dollar rose and traders weighed what Donald Trump's presidential victory means for demand and supply going forward.

West Texas Intermediate (CL=F) futures hovered around $72 per barrel while Brent (BZ=F), the international benchmark, traded just above $75 per barrel.

Earlier in the session, the US Dollar Index saw its biggest jump since 2016. Analysts highlighted Trump's promise to end the Ukraine-Russia war and his counsel to Israel to wind down the Gaza conflict quickly.

"Crude futures being pressured by the 'Trump Trade' this morning as a sharply higher US Dollar Index and the prospects of deescalation in both the Middle East and Ukraine is taking the Geopolitical fear factor out of crude," Dennis Kissler, senior vice president at BOK Financial, wrote on Wednesday morning.

The possibility of more tariffs also weighed on prices earlier in the session.

"Tariffs may ultimately impact trade between the USA and China, negatively affecting the Chinese economy and the growth in oil demand," Andy Lipow, president of Lipow Oil Associates, told Yahoo Finance on Wednesday.

In early trading action, the Dow Jones Industrial Average (^DJI) jumped about 2.8%, or more than 1,200 points, to lead the gains. The benchmark S&P 500 (^GSPC) moved up roughly 1.9%, while the tech-heavy Nasdaq Composite (^IXIC) rose about 1.8%.

Meanwhile, the small-cap Russell 2000 (^RUT), which includes some regional banks, soared more than 4.2% at the open. The small-cap index was partially driven by a rally in banks. Trump's policy proposals have been viewed by some experts as more positive for the financials sector, spurring a massive rally in regional banks before the open on Wednesday. The S&P Regional Banking ETF (KRE) was up more than 10%.

Amid a broad market rally Wednesday morning, bank stocks were among the best performers. Investors see Donald Trump's win in the presidential race as ushering in a "new era" for regulating the nation's biggest financial institutions.

Yahoo Finance's David Hollerith notes: "Big banks including JPMorgan Chase (JPM), Bank of America (BAC), Goldman Sachs (GS), Wells Fargo (WFC), Citigroup (C), and Morgan Stanley (MS) are all up between 7% and 11% in premarket trading Wednesday morning."

Bank stocks have been strong performers for much of this year, with most of the large money center banks seeing their shares outperform the S&P 500 (^GSPC) in 2024.

As David reports, Wells Fargo analyst Mike Mayo said in a note early Wednesday that Trump's win "should aid all banks." Mayo added that the win ushers in a "new era after 15 years of harsher regulation" following the financial crisis.

Read more from David on what could be one of the most impactful Trump trades for investors and consumers alike during the next administration.

Here's a look at the big economic and market themes happening today as Wall Street digests Donald Trump's rise back to the White House.

Economic data: MBA Mortgage Applications, (the week ended Nov. 1); S&P Global US services PMI, (October final); S&P Global US composite PMI, (October final)

Earnings: Arm Holdings (ARM), AMC (AMC), Aurora Cannabis (ACB), Celsius Holdings (CELH), CVS (CVS), Elf (ELF), Novo Nordisk (NVO), Qualcomm (QCOM), Toyota (TM)

Here are some of the biggest stories you may have missed overnight and early this morning:

As Trump wins, here's what's next on 2 key economic issues

Bitcoin hits record as pro-crypto Trump wins presidency again

Tesla shares pop

DJT stock rockets higher

Oil tumbles as Trump trades boost the dollar

Gold falls amid Trump's decisive win

Dollar hits 1-year high

Bitcoin (BTC-USD) surged to a fresh record high overnight as Donald Trump, the candidate viewed as the most pro-cryptocurrency, emerged as the president-elect.

The world's largest cryptocurrency surged above $74,000 per coin for the first time ever late Tuesday night. But it's not just actual crypto coins moving higher.

MicroStrategy (MSTR), which holds a significant amount of bitcoin on its balance sheet, rose more than 11% in premarket trade. Crypto exchange Coinbase (COIN) also gained more than 12%, while Robinhood (HOOD), which offers cryptocurrency trading on its platform, popped almost 10%.

Tesla (TSLA) stock rose more than 12% in premarket trading on Wednesday morning as investors digested Donald Trump's victory in the US presidential election.

Tesla CEO Elon Musk had been a heavy supporter of Trump's campaign. Trump referenced Musk during his speech early Wednesday morning, calling him a "super genius."

"We have to protect our geniuses," Trump said. "We don't have that many of them."

Wedbush analyst Dan Ives pointed out that Trump could roll back the current electric vehicle tax incentives in place and be "an overall negative for the EV industry." But given Tesla's potential competitive advantage in the EV space, this could be a "huge positive" for Tesla.

"Tesla has the scale and scope that is unmatched in the EV industry, and this dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players (BYD, Nio, etc.) from flooding the US market over the coming years," Ives wrote in a Wednesday morning note.

Nio's (NIO) stock fell 6% before the bell, while BYD (BYDDY) shares fell 3.8% in Hong Kong.

Ives added that a Trump win could also fast-track Tesla's full self-driving (FSD) initiatives.

"We believe a Trump win could add $40-$50 per share to Tesla's stock and exceed $1 trillion in market cap if autonomous/FSD is accelerated starting in 2025 and a tailwind for Cybercab," Ives wrote.

Bitcoin (BTC-USD) is getting a boost from Trump's win as investors prepare for a possibly more digital asset-friendly government, notably at the SEC.

"With Trump leading the US Presidential race and GOP likely to flip the Senate, we believe, the regulatory headwind for crypto has turned into a tailwind and the market is nowhere close to factoring in this shift," Bernstein analyst Gautam Chhugani wrote in a note.

"We think the market’s first reaction could be to ‘sell the news’, but we suggest investors in stocks with exposure to Bitcoin use the marginal dip here as an enhanced buying opportunity to capture the upside over next 12 months — $200K Bitcoin remains our high-conviction 2025 year-end call."

Coinbase (COIN) CEO Brian Armstrong weighed in on X, formerly Twitter:

American voters gave Donald Trump a commanding victory, powered in large part by an intense voter focus on inflation that has been evident for years.

But Trump's key campaign promise of new tariffs and a “mass deportation” of undocumented immigrants could put new upward pressure on prices, the very issue that appears to have powered him to a win.

A note from Capital Economics late Tuesday night crystallized some of the macroeconomic worries. The authors wrote that they expected Trump to push forward on his proposed immigration curbs and tariffs. They said that as a result, “We are minded to reduce our GDP growth forecast ... by roughly 1% and add 1% to our inflation forecast over the same period.”

Read here for more about what Trump could mean on the key economic issue of price pressures, as well as taxes.

US stock futures surged as investors digested Donald Trump's victory in the US presidential election over Kamala Harris.

A recent call in the state of Wisconsin in favor of Trump by the Associated Press on Wednesday morning confirmed the victory.

After a steady rally in stock futures overnight as Harris's path to victory narrowed, futures tied to the three major averages built on earlier jumps on the news.

As of 6:00 a.m. ET, contracts on the tech-heavy Nasdaq 100 (NQ=F) and S&P 500 futures (ES=F) each soared around 1.6% and 2.3%, respectively. Dow Jones Industrial Average futures (YM=F) were up around 2.9% on the heels of a winning day for stocks.

Meanwhile, futures tied to the small-cap Russell 2000 index (RTY=F) were up more than 6.5%.

The 10-year Treasury yield (^TNX) is pushing higher as investors bet on a faster pace of inflation under new Trump tariffs and a slower pace of interest rate cuts from the Fed.

"Overall though we think that a Trump win means higher inflation in the near-term versus the status quo with Harris, but slower growth (potentially shaving up to 0.5 percentage points off of GDP in 2025 and 2026)," TD’s head of global strategy Rich Kelley wrote. "For FOMC policy, we think the Fed will continue to ease this year, but likely take a pause in the first half of 2025 as it waits to get a better sense of the impact of the new administration's policies on inflation and growth."

The 10-year yield was up 14 basis points to around 4.26% early on Wednesday.

For now, markets are taking this move in yields in stride. But keep in mind that this is a market that loves prospects of more rate cuts. If that thesis gets pushed aside under Trump as tariffs spur new inflation, markets could recalibrate to the downside.

Tesla (TSLA) shares are surging 13% in premarket trading as Donald Trump looks to be on the verge of winning the presidency again.

A win could put Tesla CEO Elon Musk in pole position to shape the electric vehicle maker's future, given his strong backing of Trump — or at least, that is how Wall Street sees it early on.

Wedbush analyst and Tesla bull Dan Ives wrote in a note:

For more on Tesla's roadmap under a potential Trump presidency, here is our chat on the topic in a recent episode of the Opening Bid podcast.

Donald Trump took the stage in Palm Beach, Fla., in the early morning hours on Wednesday as he came closer to securing the 270 electoral votes needed to clinch the presidential election.

"This is a movement like nobody’s ever seen before," he told the crowd in what sounded like a victory speech. "[This is] forever the day the American people regained control of their country."

The Associated Press has not officially called the election. So far, Trump has secured 267 votes compared to Kamala Harris's 224.

US stock futures soared as the results of the US presidential election all but confirmed a Donald Trump victory over Kamala Harris.

The former president secured North Carolina, Georgia, and Pennsylvania, three critical swing states, according to the Associated Press. Results from Arizona, Wisconsin, Nevada, and Michigan remain unclear.

Per the AP, Trump is just three electoral college votes short of clinching the win.

As of 2:30 a.m. ET, contracts on the tech-heavy Nasdaq 100 (NQ=F) and S&P 500 futures (ES=F) each jumped around 1.6% and 1.8%, respectively. Dow Jones Industrial Average futures (YM=F) were up over 2%.

Republicans have won control of the Senate, the Associated Press projected early Wednesday.

The GOP flipped a Democratic-held seat in West Virginia, as Republican Jim Justice won the open seat. In Ohio, meanwhile, Bernie Moreno unseated Democratic Sen. Sherrod Brown, and Democrats lost a key member of their coalition in the upper chamber (as my colleague Ben Werschkul detailed earlier in the blog).

Seven seats hang in the balance, with Republicans looking for more gains. They are eyeing a pickup in Montana, where incumbent Sen. Jon Tester is trailing Republican challenger Tim Sheehy. Races in the key states of Pennsylvania, Michigan, Wisconsin, Nevada, and Arizona remain too close to call. Democrats currently hold all those seats.

Head over to the Yahoo News live blog for more election insights and updates.

As US stock futures climbed late Tuesday, futures tied to the small-cap Russell 2000 Index (RTY=F) were the star performer, rising as much as 3% to outpace their larger peers as investors bet on the likelihood that Donald Trump will win the presidential election.

Companies within the index, which include regional banks and smaller domestic players, are expected to benefit from anticipated policies out of the Trump administration like lower taxes and cutting regulations.

Tariffs that a Trump administration would also be expected to enact pushed the dollar higher overnight Tuesday, a benefit for small-cap companies that tend to be more levered to the domestic economy compared to more internationally oriented large-cap stocks.

GOP challenger Bernie Moreno has defeated Sen. Sherrod Brown in Ohio, according to the Associated Press.

It’s a victory that almost surely means Republicans will take control of the Senate in 2025, but one that also has consequences for the crucial Senate Banking, Housing, and Urban Affairs committee.

That committee, which Brown currently leads, has been the scene of closely watched hearings in recent years, with top CEOs like JPMorgan Chase's (JPM) Jamie Dimon and Bank of America’s (BAC) Brian Moynihan forced to answer questions from lawmakers on a range of topics.

Those hearings will surely continue in 2025 but now likely with a friendly lawmaker kicking off the questioning.

The current GOP ranking member on that committee is Sen. Tim Scott. The South Carolinian has tended to be much friendlier to bank concerns, especially around banking regulations.

It’s a handover that could have a keen impact on policy, especially if Donald Trump ends up winning back the White House. One top concern over the last year has been the proposed Basel III endgame requirements that would increase the reserve requirements on banks.

Scott has often criticized the proposal, including leading a call on the Biden administration to withdraw it entirely.

Bitcoin (BTC-USD) prices jumped to all-time highs late Tuesday as bets on Donald Trump accelerated in prediction markets.

The former president has captured 198 electoral college votes compared to Kamala Harris's 112, according to the latest calls from the Associated Press.

Bitcoin prices soared over 8% to trade around $74,200 a token — leaping past its previous record of around $73,750 a coin on March 14.

Other crypto-adjacent names moved in tandem with bitcoin. Shares of MicroStrategy (MSTR) moved over 4% higher in after-hours trading while Coinbase (COIN) shares rose over 3%.

Meanwhile, cryptocurrencies like dogecoin (DOGE-USD) and Ripple (XRP-USD) also jumped on the developments, rising 30% and 5%, respectively.

The Trump trade is rallying, with the US dollar (DX=F), bitcoin (BTC-USD), and equity futures all pushing higher as Trump secured 178 electoral college votes compared to Harris's 99, according to the latest calls from the Associated Press.

Decision Desk HQ, a private company that projects election results, projected Trump to also win North Carolina, a key swing state.

Bitcoin prices extended gains by over 7% to trade above $72,800, while the US dollar rose to its highest level since July. Against other currencies like the Japanese yen and the Mexican peso, the US dollar is up over 1%.

Near 9:40 p.m. ET, contracts on the tech-heavy Nasdaq 100 (NQ=F) rose about 1.1%, while S&P 500 futures (ES=F) also jumped over 1%. Dow Jones Industrial Average futures (YM=F) were up about 1.2%.

Political betting markets made a limited move toward Donald Trump early in what is expected to be a long election night.

As of 9:15 p.m. ET, the odds on Kalshi.com, a political prediction market open to US citizens, stood at 68% in Trump’s favor, projecting he would win about 2 out of 3 hypothetical contests.

The odds were similar on Polymarket, a crypto-based prediction market, sitting at 72.4% at 9:15 p.m. ET.

It was a noticeable — but far from definite — jump on both sites from the odds earlier in the night before the polls closed when both markets showed Trump's odd about 10 percentage points lower.

The surge in these markets was most evident a bit after 7:30 p.m. ET. Gains for Trump noticeably leveled off and largely held steady throughout the 8 p.m. hour.

Both sites are continuing to accept bets throughout the night, with Kalshi touting that their main market now has over $280 million at stake.

Citi analysts detailed “election trades to track," and YF's Rick Newman highlighted seven of them: solar energy, fossil fuels, deregulation, tariffs, inflation, antitrust, and housing.

A reminder that while stocks don't care who the president is, and mostly like certainty, the election results will have implications across industries. Read more here.

Tesla (TSLA) stock rose 3% in after-hours trading as election results continued to pour in Tuesday night.

More results are expected to be announced in the coming hours.

Tech billionaire Musk, who serves as the CEO of Tesla (TSLA) and SpaceX and also owns social media platform X (formerly Twitter), has been outspoken about his support of Trump ahead of the election.

Trump has even said he would consider a Cabinet position for Musk but that the businessman likely would not be able to serve "with all the things he's got going on."

Intelligent Alpha CEO and founder Doug Clinton told Yahoo Finance's Market Domination on Tuesday that "it will be a very interesting night for Elon Musk."

"He's obviously made a really big bet on the election going one direction," said Clinton, who is also managing partner at Deepwater Asset Management. "I think if it goes against him — if Kamala Harris is elected president — I think it probably is a negative for him."

It's possible Tesla could still benefit from a Harris presidency, given she could provide further tax incentives for electric vehicles as part of a continuation of Biden's green energy push.

As a result, if Trump loses, Musk could likely "find some way to try to mend fences," Clinton said.

"Elon probably has done more for bringing sustainable energy into the markets, kind of into the mass markets, really in the US and globally than maybe anybody else in the world," he said.

Tesla shares are up about 1% since the start of the year.

The race between Vice President Kamala Harris and former President Donald Trump could come down to coin-flip odds and may not be known for hours (if not days).

But that doesn't mean there aren't a lot of results that could sway markets. Everything from which party will lead key congressional committees to the sway that certain industries like cryptocurrencies will have in Washington, D.C., are also on the ballot.

Curious what races Jamie Dimon and crypto executives will be watching most closely? Read on here.

A lot of folks on the Street I have chatted up this week are bracing for a big move in markets Wednesday morning, as the belief is that the winner of the election will be known later on tonight. Moreover, either winner would be seen as a surprise for markets (weird how these things are viewed by investors). Take that with a grain of salt, as such groupthink could mean we don't get a big move in markets on Wednesday.

Amid the action, I would keep a close eye on bond yields, as markets could very well take their direction from them, based on my conversations. It's a point the Goldman Sachs team made today in a note making the rounds this evening:

"The upcoming US elections could drive further upward pressure on global bond yields and indigestion for equities," said Goldman Sachs strategist Andrea Ferrario.

Ferrario added, "Rising bond yields might eventually become a speed limit for equities if real yields start to increase (vs. real GDP growth expectations) or if increases in bond yields are too rapid."

Futures moved firmly into green figures on Tuesday evening as early results from the US presidential election rolled in while cryptocurrencies surged and the US dollar also gained.

Near 8 p.m. ET, contracts on the tech-heavy Nasdaq 100 (NQ=F) rose 0.3%, while S&P 500 futures (ES=F) moved roughly 0.5% higher. Dow Jones Industrial Average futures (YM=F) were up about 0.7%.

The price of bitcoin (BTC-USD) was also up as much as 4.5% to trade north of $71,000. The dollar was also stronger against most major currency pairs, including the yen and euro.

So far, Trump has won Kentucky, West Virginia, South Carolina, Alabama, Mississippi, Oklahoma, Florida, Tennessee, and Indiana, while Harris has claimed Vermont, Rhode Island, Connecticut, Maryland, and Massachusetts, according to the Associated Press.

Trump Media & Technology Group stock (DJT) surged more than 20% in after-hours trading on Tuesday as early votes showed Trump clinch Kentucky and Indiana.

The stock had a wild session during market hours after trading was halted several times due to volatility. Shares somewhat recovered from steeper losses but still closed down a little over 1%.

Shortly after the market close, DJT reported third quarter results that revealed a net loss of $19.25 million for the quarter ending Sept. 30. The company also reported revenue of $1.01 million, a slight year-over-year drop compared to the $1.07 million it reported in the third quarter of 2023.

Read more here.

via Colin Campbell of Yahoo News:

Democrats hold a 51-49 edge in the Senate. To hold onto the majority in the chamber, Democrats will need 51 seats if Donald Trump wins or 50 seats if Kamala Harris is the victor. This will be a difficult path for Democrats because the key Senate races are largely fought on Republican-friendly territory, and the national party has already conceded the West Virginia seat held by outgoing Sen. Joe Manchin.

Here are the races most observers are following:

Arizona: Rep. Ruben Gallego (D) vs. former TV anchor Kari Lake (R)
Florida: Sen. Rick Scott (R) vs. former Rep. Debbie Mucarsel-Powell (D)
Maryland: Former Gov. Larry Hogan (R) vs. Prince George's County Executive Angela Alsobrooks (D)
Michigan: Rep. Elissa Slotkin (D) vs. former Rep. Mike Rogers (R)
Missouri: Sen. Josh Hawley (R) vs. Marine veteran Lucas Kunce (D)
Montana: Sen. Jon Tester (D) vs. Navy SEAL veteran Tim Sheehy (R)
Nebraska: Sen. Deb Fischer (R) vs. union leader Dan Osborn (I)
Nevada: Sen. Jacky Rosen (D) vs. Army veteran Sam Brown (R)
Ohio: Sen. Sherrod Brown (D) vs. businessman Bernie Moreno (R)
Pennsylvania: Sen. Bob Casey (D) vs. businessman Dave McCormick (R)
Texas: Sen. Ted Cruz (R) vs. Rep. Colin Allred (D)
Wisconsin: Sen. Tammy Baldwin (D) vs. businessman Eric Hovde (R)

Check out the Yahoo News liveblog >

Tesla (TSLA) CEO Elon Musk confirmed Tuesday evening that he’ll be spending election night with Donald Trump as the results come in.

“I'm headed to Florida,” he said on a livestream on X, formerly Twitter, early Tuesday evening. “I’ll just be there with President Trump and JD [Vance] and a bunch of other cool people,” he added. The comment confirmed an earlier New York Times report that Musk would he headed to Florida this evening.

It’s the latest example of Musk’s extraordinarily close links with Trump in the final stages of the campaign after the world's richest man spent over $130 million with the aim of returning former President Trump to office.

At a recent closely watched Madison Square Garden rally in New York City, Musk was the final speaker before Trump's wife, Melania, took the stage.

Other prominent figures in Trump's orbit are set to be elsewhere Tuesday night, including House Speaker Mike Johnson, who will spend at least the early part of the evening in his home state of Louisiana.

Musk also added Tuesday evening that he’d just voted himself in south Texas, where his company SpaceX has a facility.

The next crop of states have officially closed their respective voting polls: Georgia, Florida, South Carolina, and Virginia, among a slew of others.

The remaining states will close in the next few hours. All polling locations are set to close by 11 p.m. ET.

Tue, November 5, 2024 at 11:57 PM UTC

I’m not an election forecaster, but I’ll make a 2024 election call based on polls and my own intuition. Since I’m publishing this for everybody to see, my fans can extol me — or my trolls can berate me — whether I’m right or wrong.

Yes, I could be wrong, and if so I’ll admit it tomorrow (or whenever we know).

Tue, November 5, 2024 at 11:45 PM UTC

While you wait for results, take a break from reloading those ever-changing betting markets and take a look at the stakes.

Yahoo Finance spent the final days of the 2024 campaign examining four key economic decisions that, like it or not, will confront the next president in his or her first two years in office. Here’s more about those issues that will be center stage next year, no matter who wins.

For an even deeper look at all of the financial issues that matter most to your pocketbook, please see Yahoo Finance’s interactive guide to the 2024 election.

Tue, November 5, 2024 at 11:36 PM UTC

Exit polls released by NBC News, Fox News, CNN, and other TV networks on Tuesday afternoon indicate some of the top issues for voters.

via Bloomberg: "Around 35% of voters — including a plurality of both men and women — said democracy was their top issue and 31% said the economy, while 14% picked abortion. Immigration was the top issue for 11% of voters. Abortion was the top issue for 19% of women versus just 8% of men. Only 4% of voters said foreign policy was their biggest concern."

Tue, November 5, 2024 at 11:15 PM UTC

Our job at Yahoo Finance tonight is to track market implications of election developments, not to parse election returns at the county level and draw maps and circles all over wall-sized maps of Pennsylvania and Georgia. But I set up a feed on X, formerly Twitter, with a few experts on election returns, for anybody who wants to go deep into the districts tonight. Anybody can follow that feed for sharp analysis of what early returns are telling us. Just click the link above and follow my list, which I’ve cleverly labeled “Election night.”

I noticed political analyst Louis Jacobson curated an election night list as well. Click that link to follow it. Lou does terrific work as a contributor to PolitiFact and many other outlets. Definitely a good guy to follow, in his own right.

If there’s anything you’d like us to address in this blog tonight, tag us: @YahooFinance, @rickjnewman, @benwerschkul, and @allie_canal. We offer personalized service, when possible!

Tue, November 5, 2024 at 11:02 PM UTC

US stock futures held steady as the first states closed their polls in the wrap-up to Election Day.

Near 6 p.m. ET, contracts on the tech-heavy Nasdaq 100 (NQ=F) climbed about 0.1% while S&P 500 futures (ES=F) also moved roughly 0.1% higher. Dow Jones Industrial Average futures (YM=F) were up about 0.2% on the heels of a winning day for stocks.