The market is already showing the first winners and losers from Trump’s election victory

The future of the White House has been decided. So what does this mean for the rest of us?

A pillar of President-elect Donald Trump’s campaign was the economy and the work he would do to “fix” it. He even adopted the slogan in the final days of the election season.

We still have a few months until he comes to work, but there are already signs of who will and who won’t benefit financially from these plans. Let’s break it down:

winner

Stock investors: The three major US indices – S&P 500, Nasdaq Composite and Dow Jones Industrial – rose to record highs Trump’s return is seen as a blessing for the market. The president-elect’s plan to cut corporate taxes is likely the biggest catalyst for the rally. But the potential for deregulation, supported by a Republican majority in the Senate and possibly the House of Representatives, is giving stocks more lift.

Tesla shareholders: The EV giant took off with the news of Trump’s victory and ended the day up nearly 15%. CEO Elon Musk’s big bet on the former president has paid off, an analyst describes Trump’s victory as a “home run” for Tesla. Another said the regulatory hurdles Tesla faces with its autonomous driving technology could accelerate with Trump in office.

Bitcoin believers: Trump was largely seen as the cheaper option for digital currencies, and it is already showing Bitcoin reached record highs and surpassed the $75,000 mark on Wednesday. The self-proclaimed “Crypto President” also helped stocks in the sector such as Coinbase, which ended the day up more than 31%.

loser

People who hope inflation stays low: Trump has blamed the current administration for the high inflation that plagued the country in 2022 and 2023. But most economists consider the president-elect’s plan to be a minimum 10% flat tariff on most imported goods will drive inflation up again. The tax, intended to make money for the U.S. government, is ultimately passed on to the U.S. consumer. which leads to higher prices.

Potential Home Buyers: Concerns about inflation could lead to more restrictive monetary policy, This means mortgage rates will remain high. Bond yields are already soaring, suggesting the market expects borrowing costs to continue rising. The yield on 10-year U.S. Treasury bonds, which closely tracks mortgage rates, rose to 4.477%, the highest since early July.

Investors in Europe: European growth is likely to suffer a setback of Trump’s proposed tariffs, according to Goldman Sachs. The bank’s analysts cut their growth forecasts for the entire region to 0.8% next year from 1.1%, citing political uncertainty from the tariffs as the main cause. However, at least one European is satisfied. The French national polymarket “Whale” made a profit of $48 million from her Trump election bet.

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The Insider Today team: Dan DeFrancesco, associate editor and moderator, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. Ella Hopkins, co-editor, in London. Grace Lett, editor, in Chicago. Amanda Yen, scholarship holder, in New York. Milan Sehmbi, Fellow, in London.