Stocks, bitcoin soar as Trump edges out Harris in 2024 election: LIVE Updates
Former President Trump edged out Vice President Kamala Harris in one of the most heated elections in U.S. history fueling big gains for the stock market as well as cryptocurrencies. Republicans also swept, winning the House and Senate. On Thursday, investors will turn their attention to the Federal Reserve which will announce its decision on interest rates. FOX Business is providing real-time updates on the situation and the markets.
Tesla CEO Elon Musk (R) speaks on stage as he President-elect Trump during a campaign rally in Pennsylvania on Oct. 5, 2024.
Tesla shares marched higher on Wednesday after President-elect Trump defeated Vice President Kamala Harris in the 2024 election.
The electric-vehicle maker's stock soared more than 14% in early afternoon trading.
Tesla CEO Elon Musk endorsed Trump's bid to return to the White House and was a prominent financial backer of his campaign.
Trump has been critical of incentives and subsidies for EVs, but has commended Musk's work with Tesla and praised him as a "super genius" during his victory speech early Wednesday morning.
Wedbush Securities analyst Dan Ives said in a note to investors that the "biggest positive from a Trump win would be for Tesla and Musk."
He explained that while the firm thinks a Trump presidency "would be an overall negative for the EV industry" due to EV rebates and tax incentives being eliminated, that 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 U.S. market over the coming years," Ives wrote.
Customers retail shopping
A major U.S. retail trade group on Wednesday congratulated President-elect Trump and the newly elected members of Congress, vowing to collaborate with them to address issues in the industry.
"Leading retailers look forward to working with President-elect Trump and the newly elected members of Congress on the host of issues important to local retailers, our employees and the communities we serve," Retail Industry Leaders Association President Brian Dodge.
Dodge is urging "lawmakers to work with all stakeholders on the complex issues facing our nation."
Dodge said that inflation served as a "motivating factor" in the election results, noting that many middle-class voters expressed concern about inflation's impact on family budgets.
"Policymakers should hear their concerns loud and clear as debates on taxes and tariffs take center stage," Dodge said.
According to Dodge, retailers are hopeful that the incoming Trump administration and Congress will adopt a strategic approach to international trade and implement policies that will protect families from higher prices on consumer goods.
Dodge also stressed how vital the retail industry is, being the largest private employer in the U.S.
“Decisions made over the next four years will dictate how leading retailers operate, invest in their workforce and local communities, and drive billions in supply chain investments and economic development,” he continued.
The group is eager to partner with federal and local leaders to solve problems and "propel retailers to grow, continue creating new jobs, providing employees with new skills and opportunities and restoring vibrancy to local communities."
The U.S. Chamber of Commerce seal is displayed during restoration at the headquarters in Washington, D.C., U.S., on Tuesday, March 17, 2020. The chamber called Monday for a three-month cancellation of all payroll taxes paid by employers to address "a sudden and sharp drop in demand" facing businesses due to the coronavirus pandemic. (Credit: Andrew Harrer/Bloomberg via Getty Images)
The Chamber of Commerce, a major U.S. business group, on Wednesday offered its congratulations to President-elect Trump on winning the 2024 presidential election.
“We congratulate President-elect Donald Trump and Vice President-elect JD Vance, along with the members of the incoming 119th Congress and state and local elected officials across America,” Chamber of Commerce CEO Suzanne Clark said in a statement.
Trump became the projected winner in the early hours of Wednesday morning, beating Vice President Kamala Harris in the race to become the nation’s 47th president.
Clark said it was now time to “focus on the important work of advancing an economic growth agenda that creates opportunities for businesses, families, and individuals to achieve the American dream."
The Chamber of Commerce “look[s] forward” to collaborating with Trump’s administration and Congress on multiple issues, she added.
In the statement, she specifically mentioned “pro-growth tax policies,” “regulatory relief” for businesses and artificial intelligence.
The Chamber of Commerce wasn’t the only major business group to offer congratulations. The Business Roundtable, which consists of more than 200 CEOs, also issued a statement Wednesday saying it was “ready” to work with the Trump administration and “all federal and state policymakers” on policies.
President-elect Trump gestures next to his wife Melania Trump, son Barron Trump and Vice President-elect JD Vance, following early results from the 2024 U.S. presidential election in Palm Beach County Convention Center, in West Palm Beach, Florida, on Nov. 6, 2024. (Reuters/Brendan McDermid)
Business Roundtable CEO Joshua Bolten issued a statement on behalf of the organization on Wednesday congratulating President-elect Donald Trump and Vice President-elect JD Vance on their victory.
The Business Roundtable, an association of CEOs from leading U.S. companies that aim to drive economic growth and boost opportunities for Americans, also offered its congratulations to the re-elected and newly elected members of Congress, governors and other state and local officials.
“We look forward to working with the incoming Trump Administration and all federal and state policymakers,” Bolten said.
He highlighted the group's readiness to collaborate with the administration and members of Congress from "both parties to advance policies that will support long-term economic growth and expand opportunity for all Americans."
Bolten also applauded the millions of Americans who went out to vote and thanked the election officials, judges and volunteers "who worked to conduct a free and fair election.”
Bolten joins a slew of other business executives across various industries who have issued statements throughout the election. Many of them have reacted to the election results including Mark Cuban, JPMorgan Chase CEO Jamie Dimon and former Amazon CEO Jeff Bezos.
The Chamber of Commerce on Wednesday also offered its congratulations to Trump on winning the election.
NEW YORK, NY - AUGUST 22: Traders and financial professionals work on the floor of the New York Stock Exchange in New York City. (Photo by Drew Angerer/Getty Images)
U.S. stocks hit record highs on Wednesday morning after President-elect Trump won his second term in the White House.
The Dow Jones Industrial Average climbed 1,300 points, or about 3%, while the S&P 500 and Nasdaq Composite jumped 1.62% and 1.64%, respectively.
The Fox News projected Trump would win the key battleground state of Pennsylvania, as well as Wisconsin, Georgia and North Carolina. He notched more than 270 electoral votes around 1:45 a.m., officially defeating Vice President Kamala Harris.
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 President-elect Trump won a second term in the White House.
Dow Jones Industrial Average futures surged 1,250 points, or 2.95%, as of 9 a.m. ET. S&P 500 futures and Nasdaq Composite futures climbed 2.15% and 1.76%, respectively.
The Fox News projected Trump would win the key battleground state of Pennsylvania, as well as Wisconsin, Georgia and North Carolina. He notched more than 270 electoral votes around 1:45 a.m., officially defeating Vice President Kamala Harris.
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.
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