Stocks soar after Trump defeats Harris in election 2024 outcome: LIVE Updates

JPMorgan Chase CEO Jamie Dimon at the U.K. Global Investment Summit at Hampton Court Palace in London on Nov. 27, 2023.

JPMorgan Chase CEO Jamie Dimon joined the growing list of business leaders commenting on the presidential election, saying in a statement that Americans need to "unite behind" the winner, regardless of who occupies the office.

“This is a time that requires all of us to find common ground and most importantly, a time to respect and uphold our democratic process,” Dimon said in a statement to FOX Business. “Our country is the envy of the world and if we can work together, we will ensure that it stays that way for generations to come.”

Dimon, who hasn't publicly backed either candidate, said that this has been one of the "hardest fought and, at times, divisive elections in our recent history." 

Despite that, he said that the country needs to “unite behind our President-elect and all of our national leaders.” He called on Americans to "begin the work of bringing our nation together and focusing on the pressing economic and global issues before us."

While Dimon didn't publicly endorse a candidate, people familiar with his thinking told Barron's that he had quietly backed Vice President Kamala Harris. However, he once described himself as “barely a Democrat” in a 2012 Politico report. 

Dimon's name has reportedly been floated for Treasury secretary.

The 68-year-old chief executive has been vocal about “unfair” regulations. At a conference last month he said, “it's time to fight back," according to Reuters. 

A person familiar with his thinking told Barron's that Dimon wouldn't accept a position in either administration.

Former President Donald Trump takes the stage to address supporters at his rally at the Palm Beach County Convention Center in West Palm Beach, Florida, on Nov. 6, 2024.

U.S. stock futures posted strong gains on Wednesday morning as former President Donald Trump is projected to defeat Vice President Kamala Harris to win a second term in the White House.

Dow Jones Industrial Average futures surged 1,200 points, or 2.86%, as of 7 a.m. ET. S&P 500 futures and Nasdaq Composite futures climbed 1.93% and 1.33%, respectively.

The Fox News Decision Desk projects Trump has defeated Harris, who entered the race just more than 100 days ago after President Biden, who won the Democratic primaries, was convinced to stand down.

Bill Ackman

Hedge fund billionaire Bill Ackman, a supporter of former President Trump, said that if former Trump wins the election that supporters of Vice President Harris should reevaluate their media sources.

"If the election outcome is as I expected, it should cause the large minority of the country who supported @KamalaHarris and predicted her victory to begin to question their sources of truth," Ackman wrote in a post on X, formerly Twitter.

"Half the country has believed that @X is filled with mis- and disinformation, and that they could only therefore rely on The NY Times, MSNBC, CNN and other mainstream media for their news. And they did," Ackman wrote. "If, however, you have been active on @X for the last year, you have known the truth days, weeks and often months before the facts appear in the MSM."

Ackman criticized those mainstream media outlets over their negative coverage of Trump, as well as coverage of President Biden's fitness and the process by which Harris replaced him as the Democratic Party's nominee.

"When the story of this election is written, I expect it will be as much about how half of America woke up to the reality that they have been manipulated by the media. This should lead to an abandonment by many of the MSM as their primary source of information. It will push more people to @X, to podcasts and other empirical sources, and it will lead to a more informed public."

He went on to criticize the Democratic Party, saying that it "proved itself to be fundamentally undemocratic" and in need of a "complete reboot."

"Honest Abe said it best: You can fool some of the people all of the time, and all of the people some of the time, but you can not fool all of the people all of the time," Ackman wrote.

(Photo by Joshua Roberts/Getty Images)

As the results start rolling in on election night, donors are waiting to see whether they got their money's worth – and it appears they spent more than ever in federal races for the 2024 cycle.

Nonprofit government transparency group OpenSecrets.org estimates the total spending on federal races hit $15.9 billion this year. That would far surpass the previous record of $15.1 billion set in 2020, during the last presidential contest.

However, the high inflation the U.S. has seen over the past for years played a role in pushing up the numbers for a new record-high. When adjusting for inflation, total fundraising in 2020 would be the equivalent of $18.3 billion in 2024 dollars, according to OpenSecrets data.

Consumer shopping at grocery store.

Americans are concerned about high costs squeezing household budgets, according to data from the Fox News Voter Analysis.

The analysis found that while 56% of Americans feel that their family's financial situation is holding steady, a larger share feel things are getting worse than improving -- as 31% said they're falling behind compared to 13% who say they're getting ahead.

Voters expressed the highest level of concern about food prices among various items in household budgets included in the survey.

Two-thirds of voters, or 67%, said they're very concerned about food costs, while 24% said they're somewhat concerned. A combined 9% said they're either not too concerned or not at all concerned.

Housing costs were the next most concerning budget item, with 61% saying they're very concerned and 29% somewhat concerned, while a combined 10% said not too, or not at all, concerned.

Health care costs were very concerning to 54% of voters and somewhat concerning to 30%, while 12% said they're not too concerned and 3% not at all concerned.

Gas prices were very concerning to 48% of respondent and somewhat concerning to 31%. By comparison, 16% said they're not too concerned and 5% not at all concerned.

Those findings come after the U.S. went through a historic inflationary cycle due to pandemic-related supply chain disruptions and elevated federal spending on COVID relief programs and other initiatives.

Inflation peaked at a 40-year high of 9.1% in June 2022, though the pace of price growth has slowed to 2.4% as of September 2024. The aggregate impact of high inflation in recent years left prices about 20% higher than they were four years.

The Fox News Voter Analysis, which was conducted in partnership with the Associated Press, is based on surveys of the U.S. electorate conducted by the NORC at the University of Chicago.

The FNVA survey was conducted in all 50 states from Oct. 28 to Nov. 5, including at the end of voting on Election Day.

Former President Donald Trump at a campaign rally on Oct. 12, 2024, in Coachella, California.

Shares of Trump Media & Technology Group jumped in the extended-hours session, rising as much as 15% around 7:45 p.m. ET on Tuesday as investors await the results of the presidential election.

The stock, which trades under the ticker DJT, was volatile during the regular trading session, swinging between losses and gains, eventually closing with a 1% drop.

Trump Media is the parent company of former president Donald Trump’s social media site, Truth Social.

Trump, with more than 114 million shares, owns a 57% stake in the company valued at about $4.5 billion as of Tuesday.

Trump Media shares are up nearly 120% over the past month, causing Trump's net worth to nearly double to $8 billion, according to Forbes, which tracks the wealth of the world's richest people.

The stock is popular among retail traders and is seen as a speculative bet on Trump's chances of securing a second four-year term as president.

FOX Business' Breck Dumas contributed to this post

A hiring sign at a job fair.

The economy and jobs were the top issue for American voters as they cast their ballots, according to the Fox News Voter Analysis (FNVA).

A 39% plurality of voters ranked the economy and jobs as the most important issue facing the country, per the FNVA. That topped the next two highest ranked issues, including immigration which had 20% and abortion with 11%.

In a separate survey question about the conditions of the economy, nearly two-thirds of respondents expressed a pessimistic view of the health of the U.S. economy.

Just 7% of respondents said that economic conditions are excellent, while 30% rated it as good. By comparison, 40% said economic conditions are not so good and 23% said they are poor.

The Fox News Voter Analysis, which was conducted in partnership with the Associated Press, is based on surveys of the U.S. electorate conducted by the NORC at the University of Chicago.

The FNVA survey was conducted in all 50 states from Oct. 28 to Nov. 5, including at the end of voting on Election Day.

Elon Musk speaks before Republican presidential nominee former President Donald Trump at a campaign rally at Madison Square Garden in New York, NY on Sunday, Oct. 27, 2024. (Photo by Jabin Botsford/The Washington Post via Getty Images)

Sources with knowledge confirm that billionaire entrepreneur Elon Musk plans to spend election night with former President Trump at Mar-a-Lago, as part of a small group watching the returns with Mr. Trump as they come in.

Musk, the CEO of Tesla and the world's wealthiest person, has been a top Trump surrogate and megadonor since endorsing the former president over the summer.

FOX News national political reporter Paul Steinhauser contributed to this report.

Bitcoin and cash

Major cryptocurrencies and related exchange traded funds (ETFs) based off of crypto assets rose on Tuesday as investors awaited the the results of the U.S. election.

Bitcoin was up over 2.3% on Tuesday afternoon after paring back its gains, having surpassed the $70,000 threshold earlier in the session.

Some of the major bitcoin ETFs rose by an even higher amount through Tuesday afternoon. The iShares Bitcoin Trust ETF, ARK 21Shares Bitcoin ETF and Franklin Bitcoin ETF were each up over 3.2%, with the Fidelity Wise Origin Bitcoin Fund up nearly 3.1%.

Ethereum rose by more than 1.3% and was trading and traded at about $2,430 in mid-afternoon after it briefly reached $2,476 a few hours earlier. One notable ethereum ETF, the ProShares Ether ETF, was up over 0.5%.

Ripple was up over 1.5% after paring back some of its gains earlier in the day.

Dogecoin also pulled back some of its earlier gains but was still up more than 6.4% in afternoon trading.

Each of the two frontrunners for the presidency -- former President Trump and Vice President Harris -- have campaigned on boosting the crypto industry if they win the White House.

Trump said at a bitcoin conference in July that he wants the U.S. to be the "crypto capital of the planet" and the "bitcoin superpower of the world" if he wins the election.

He also said he would replace Securities and Exchange Commission (SEC) Chairman Gary Gensler, who has faced criticism over some of the regulatory actions his agency has taken with respect to crypto. The SEC has sought to root out bad actors in the emerging sector.

Harris said in a September speech to Wall Street donors that her administration "will encourage innovative technologies like AI and digital assets while protecting consumers and investors," according to a Bloomberg report. "We will create a safe business environment with consistent and transparent rules of the road."

Vice President Harris hasn't stated whether she would remove Gensler as SEC chair if elected.

Traders work on the floor of the New York Stock Exchange in New York City.

U.S. stocks picked up momentum in the final hour of trading on election day, closing at the highs of the session.

The Dow Jones Industrial Average climbed over 427 points, or 1%, while the S&P 500 and Nasdaq Composite rose 1.2% and 1.4%, respectively.

Wall Street is closely watching the results of the matchup between Republican candidate former President Donald Trump and his Democratic opponent, Vice President Kamala Harris.

"First off, we would simply tell investors not to overreact,” said Ken Mahoney, CEO of Mahoney Asset Management.

“We have to remember the bigger picture here with the Federal Reserve behind us, most likely cutting rates this week and possibly in December,” he added. “A lot of the market movement really comes down to earnings and interest rates.”

Within the S&P's largest sectors: Consumer staples, industrials and technology paced the gains, while materials, financials and consumer staples rose the least.

With bitcoin near its all-time high, the crypto industry is taking a stand on the 2024 election because so much is at stake for these digital assets and investors.

POLITICS

Crypto industry election spending tallies at least $238M, surpassing traditional giants

The industry’s largest corporate spenders have donated a combined $160 million to a handful of pro-crypto super PACs supporting industry-friendly candidates.

POLITICS

Trump or Harris? Billionaires divided in 2024 presidential race

The 2024 presidential race is the latest battleground among billionaires, who are divided over whether they will back former President Trump, Vice President Harris -- or neither.

The race between former President Trump and Vice President Kamala Harris is tight and some of the world's most influential business people have take a stand. FOX Business reports on how these movers and shakers will vote.

Voters at a polling place.

High inflation continues to hamstring Americans' pocketbooks as rising prices put pressure on household budgets, but as Americans head to the pools they're expressing more optimism as Election Day draws near.

The Conference Board's Consumer Confidence Index declined sharply in September for the largest decrease in sentiment in three years, but rebounded last month as Americans are feeling a bit less anxious about the future.

"Inflation and high prices remained a concern," The Conference Board's senior economist for global indicators, Stephanie Guichard, told FOX Business. "In responses to an open-ended question on what is affecting the most their views of the economy, most consumers continue to mention inflation and elevated prices."

Bankrate recently conducted a survey which found that inflation was the top economic issue in the 2024 presidential election, with 41% citing rising prices as their top concern.

However, the survey found sharp divides in consumers' views of the economy depending on their party affiliations, as 56% of Republicans listed inflation as their top concern, compared to just 28% of Democrats.

This is an excerpt of a story written by FOX Business' Breck Dumas.

Gold is trading just below its all-time high of $2,788.50 an ounce as investors pile into the yellow metal ahead of the 2024 Trump-Harris election and as the national debt spirals to new heights.

ECONOMY

Gold prices rise to all-time highs with US debt mounting, election uncertainty

Gold prices have reached record highs this week amid uncertainty surrounding the upcoming election as well as the continued growth in the U.S. national debt and fiscal deficits.

This year, gold has gained over 32% outperforming the S&P 500's 21% jump. Still, the SPDR's GLD ETF has given investors an outlet to load up on the metal.

(Photo by Alexander Manzyuk/Anadolu via Getty Images)

If former President Trump retakes the White House he has already signaled what is Treasury Department may look like with billionaire hedge fund manager John Paulson a leading candidate to replace sitting Secretary Janet Yellen.

Paulson, for his part, is open about how he would work with another billionaire Elon Musk.

MEDIA

Trump's potential Treasury pick gives sneak peek into Musk collaboration

John Paulson, Paulson & Co. co-founder and president, pledged to work with Elon Musk to cut government spending, laying out ways cuts could be made easily.