(WASHINGTON) — As former President Donald Trump declared victory in the U.S. presidential election early Wednesday, shares of his media company, Trump Media & Technology, surged about 34% to about $45.49 in pre-market trading.
With U.S. markets yet to open, early indicators appeared to show Wall Street’s bullish view of a second term for Trump. As votes were still being, Dow futures were up, the U.S. dollar was strengthening and international markets were mixed.
Dow Jones Industrial Average futures had surged about 2.9% by 6 a.m. in New York, having risen briskly from the 1.7% gain they had logged when former President Donald Trump took the stage in Florida at about 2 a.m.
S&P 500 futures traded up about 2.2% early Wednesday, while futures for the tech-heavy Nasdaq market were up about 1.7%. Shares of Tesla, the electric-vehicle company headed by Trump ally Elon Musk, spiked about 14.5% in pre-market trades.
Trump owns a 57% stake in the Trump Media, which trades under the DJT ticker and is the parent of social media startup Truth Social. The company late Tuesday reported its third quarterly loss since going public in March.
Markets in the U.S. had surged on Tuesday, led by the Nasdaq’s 1.4% rise.
As Trump walked onto the stage in Florida early Wednesday, the dollar was strengthening. The U.S. Dollar Index traded up about 1.4% at 104.75, touching a level it hadn’t seen since early August. Yields on 10-year and 2-year Treasury bonds had also climbed overnight.
Trading in Asia was mixed Wednesday as international markets digested the election results. Japan’s Nikkei closed up 2.61% for the day, while Shanghai closed nearly flat, slipping just 0.09%.
Hong Kong’s Hang Seng Index fell, dropping 2.23% by the close after opening below Tuesday’s close.
The United Kingdom’s FTSE 100 Index climbed early Wednesday, rising about 1.43% moments after open. Germany’s DAX saw a similar rise, climbing about 1.3% in morning trading.
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