Stock market today: live updates

Stocks were poised for a booming rally on Wednesday as Donald Trump moved closer to a victory in the US presidential election.

Futures on the Dow Jones Industrial Average rose 1,133 points, or about 2.7%. S&P 500 futures increased by 2.4% and Nasdaq 100 futures rose by 1.8%. The last time the blue-chip Dow jumped more than 1,000 points in a single day was in November 2022.

NBC News projected that Trump had won 266 electoral votes, including the swing states Pennsylvania, North Carolina and Georgia, four electoral votes away from a projected victory. The planned victory in the important battleground state of Pennsylvania was an important step for Trump on the way to entering the White House. Wisconsin and Michigan are still too close to call. Follow CNBC’s 2024 election live blog here.

Investments seen as beneficiaries of a Trump presidency exploded as the former president appeared to claim victory. Tesla, whose CEO Elon Musk is a prominent Trump supporter, saw shares rise 13% in premarket trading. Bank stocks rallied, with JPMorgan, Bank of America and Wells Fargo all up at least 6%. Futures for the small cap benchmark Russell 2000which is also seen as a beneficiary under Trump, rose by 5%.

Bitcoin, which could benefit from easing regulations, rose to an all-time high of $75,000. The dollar index climbed to its highest level since July on expectations that Trump’s proposed tariffs on key U.S. trading partners would boost the dollar. The 10-year Treasury yield rose to about 4.43% on speculation that Trump’s proposed tax cuts and other spending plans would boost economic growth but also widen the budget deficit and reignite inflation.

Shares of Trump Media & Technology Groupa social media company closely tied to the candidate rose a whopping 50% in premarket trading.

In the race for Congress, NBC New predicts Republicans will win back the Senate. Leading up to the election, Democrats were expected to take control of the House of Representatives, but it had not yet been decided, leaving open the possibility of a so-called red sweep. A Republican wave could lead to more drastic spending changes or a major overhaul of tax policy.

“I particularly agree with the view that a Trump victory would be very good for stocks,” Strategas Chief Executive Officer Jason Streitert said on CNBC’s “Power Lunch” on Tuesday.

The stock market staged a broad rally on Tuesday ahead of the election results, with the S&P 500 gaining 1.2%, putting the benchmark’s 2024 gains at over 21%.