Markets rise on U.S. presidential election's outcome

U.S. stock markets were poised to soar on Wednesday after former President Donald Trump claimed victory in the presidential race. Highly watched stocks such as Tesla and DJT were popping in pre-market trading.

Overall, markets are cheering the election results. Major U.S. stock indices are expected to open higher, with Dow futures up almost 3%. Many European indexes also made gains. In Japan, the Nikkei 225 rose by 1,005 points.

Elon Musk, an outspoken Trump supporter, saw Tesla shares rise by more than 12% in pre-market trading.

Shares of the Trump Media & Technology Group rose by even more: 40%. The company, which reflects Trump’s Truth Social platform, had seen its DJT stock hammered on Tuesday, even before it reported a revenue decline.

Trump’s win also rippled through the cryptocurrency market, with Bitcoin up about 10%.

Trump has promised to impose higher import tariffs after returning to the White House. As markets absorbed news of his win, the U.S. dollar rose sharply, putting it on track for one of its strongest days in recent years.

NPR's Business Desk contributed to this report.