Stock market today: Tesla, DJT, and Bitcoin all surge on Donald Trump’s presidential win

Stock market futures are up across the board in premarket trading this morning after Donald Trump was declared the winner of the 2024 presidential election. As of the time of this writing, S&P futures are up 2.3%, Dow futures are up 2.95%, and Nasdaq futures are up 1.76%. The certainty of a clear winner in the election—and one called so soon, when days or weeks of uncertainty were expected—is likely one of the contributing factors to the rising markets. But besides the buoying of the markets overall, several stocks either directly or tangentially related to Trump, as well as cryptocurrencies, are also surging. Trump Media shares skyrocket Shares in Donald Trump’s Trump Media & Technology Group Corp. (Nasdaq: DJT) are surging in premarket trading this morning. As of the time of this writing, DJT shares are up over 35% to $45.82 per share. As Trump Media has not announced anything related to its financials or fundamentals, there is only one reason why Trump Media shares are up: Donald Trump’s reelection. DJT’s skyrocketing stock this morning is just the latest rollercoaster ride for the company’s shares since debuting earlier this year.  The stock has swung wildly since its March debut, reaching a high of above $71 per share that month. It then plummeted in April, before recovering to around $50 in May, but then sank to below $13 per share in September. By the end of October, DJT shares were above $50 again, before sinking last week to under $30. Tesla shares surge While not directly related to Donald Trump, shares in Tesla, Inc. (Nasdaq: TSLA) are surging in premarket trading this morning, too. As of the time of this writing, the EV maker is seeing its stock up 15% to $289.22 per share. Given that Tesla has not announced any news that affects its fundamentals since the stock closed at $251.44 yesterday, it’s likely much of this gain can be attributed to Trump’s win—or rather Elon Musk’s ties to the now president-elect. The Tesla CEO campaigned heavily for Trump in the final weeks of the election, ingratiating himself to the former and future president and using his X social media platform to urger followers to vote for Trump. Given Trump’s proclivity for rewarding those loyal to him, some may see a Trump win as good news for Musk and his companies, including Tesla. Bitcoin and other cryptocurrencies rise, too It’s not just the stock markets and select stocks that are rising after Trump’s win this moning. Cryptocurrencies are up across the board, too.  As of the time of this writing, Bitcoin is up 7.33% to above $73,900 per coin, according to Coindesk data. Ethereum is up 7.5%, Solana is up over 14%, and Dogecoin is up over 19%. While none of these coins are directly tied to Trump, he and some in the Republican Party have been seen as bigger supporters of cryptocurrency than the Democrats. With a Trump win, many investors seem to feel that his second term could be good for crypto markets.