US stock futures rise as Trump Media and Tesla surge in early trading

As former President Donald Trump announced victory in the US presidential election early Wednesday, shares of his media company Trump Media rose & Technology rose about 34% to about $45.49 in premarket trading.

With U.S. markets not yet open, early indicators seemed to suggest that Wall Street is taking a more bullish view of a second Trump term. While the votes were still being counted, Dow futures rose, the US dollar strengthened and international markets were mixed.

Dow Jones Industrial Average futures were up about 2.9% by 6 a.m. in New York, down from a 1.7% gain when former President Donald Trump took the stage around 2 a.m Entered Florida, there was a sharp increase

S&P 500 futures traded about 2.2% higher early Wednesday, while futures for the tech-heavy Nasdaq market gained about 1.7%. Shares of Tesla, the electric vehicle company owned by Trump ally Elon Musk, rose about 14.5% in premarket trading.

Trump owns a 57% stake in Trump Media, which operates under the DJT ticker and is the parent company of social media startup Truth Social. The company late Tuesday reported its third quarterly loss since going public in March.

Markets in the US rallied on Tuesday, led by the Nasdaq's 1.4% rise.

As Trump took the stage in Florida early Wednesday, the dollar was strengthening. The U.S. dollar index rose about 1.4% to 104.75, reaching levels not seen since early August. Yields on 10-year and 2-year Treasury bonds also rose overnight.

Trading in Asia was mixed on Wednesday as international markets digested the election results. Japan's Nikkei closed up 2.61% on the day, while Shanghai closed almost flat, down just 0.09%. Hong Kong's Hang Seng Index fell, falling 2.23% by the close after opening below Tuesday's close.

Britain's FTSE 100 index rose early Wednesday, rising about 1.43% shortly after the open. Germany's DAX saw a similar rise, rising about 1.3% in morning trading.