Stock market today: live updates

Stocks were poised for a booming rally on Wednesday as Donald Trump won the 2024 presidential election.

Futures on the Dow Jones Industrial Average rose 1,176 points, or about 2.8%. S&P 500 futures increased by 1.9% and Nasdaq 100 futures rose by 1.3%. The last time the blue-chip Dow jumped more than 1,000 points in a single day was in November 2022.

NBC News predicts Trump will defeat his Democratic rival Kamala Harris after winning 276 Electoral College votes, including the key swing states Pennsylvania, North Carolina and Georgia. 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 4%.

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 Trump rose a whopping 37% 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.

“It looks like a Trump presidential victory, but also a victory for Republicans in the House and Senate. When that happens, the U.S. economy will really take off,” Mark Mobius, chairman of the Mobius Emerging Opportunities Fund, told CNBC early Wednesday.

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%.