Stock futures rose sharply in overnight trading as investors bet that former President Donald Trump will retake the White House.
Futures on the Dow Jones Industrial Average popped 950 points, or about 2.3%. S&P 500 futures gained 1.9% and Nasdaq 100 futures climbed 1.6%. If the Dow moves up by 2% at Wednesday’s open, it would be the biggest one-day rally since June 2023.
Bitcoin jumped to a record high, and the U.S. dollar — which was expected by Wall Street to rise in the event of a Trump win — was rallying against other global currencies. Futures for the small cap benchmark Russell 2000, also a projected Trump beneficiary, jumped 5%.
Shares of Trump Media & Technology Group, a social media company closely tied to the candidate, surged 40% in overnight trading on the Robinhood brokerage platform.
The 10-year Treasury yield surged to around 4.43% on speculation Trump’s proposed tax cuts and other spending plans would increase the fiscal deficit, while possible tariffs could reignite inflation.