Tesla Shares Jump Nearly 15 Percent as Stocks Rally After Trump Win

Shares of Elon Musk’s Tesla surged following President-elect Donald Trump’s victory in the 2024 election, with some of the corporations registering abnormally big wins.
The top gainers of the day were Discover Financial Services, which jumped by 20.22 percent, followed by Synchrony Financial, tech company Trimble, steel manufacturer Nucor Corp., financial services entity KeyCorp, Capital One Financial Corp, Tesla, Citizens Financial Group Inc., Steel Dynamics, and Charles River Laboratories International.
All top 10 gainers saw their shares surge by more than 13 percent.
The shares of most tech corporations rose as well. Amazon saw a 3.8 percent hike, Nvidia increased by more than 4 percent, Microsoft 2.12 percent, Google owner Alphabet 4.04 percent, and Intel 7.41 percent. Apple and Meta bucked the trend, registering marginal declines.
Following his comeback victory, business leaders offered compliments to Trump.
Upcoming announcements from the Trump administration are expected to be pro-business, focusing on deregulation, tax cuts, and fiscal spending, it said. Investor anticipation of fiscal plans will allow market sentiment to be buoyant.
The push toward deregulation should benefit energy, financials, and technology, the report noted, pointing to a similar pattern seen in Trump’s first term in office. The focus on “America First” and upcoming fiscal plans could benefit the industrial sector, it said.
“Overall year-end seasonality remains positive as well, while the run in US economic upside surprises and corporate earnings momentum may add further tailwind to the risk environment,” the report said.
With regard to trade, the financial services company noted that Trump had proposed raising tariffs on Chinese goods by 60 percent and all other imports by 10 percent.
“While higher tariffs on China seem likely, the broad tariffs on all trading partners face much higher legal hurdles,” it said.
On the plus side, the Trump administration’s efforts at deregulation can benefit oil and natural gas producers, it noted.
“For example, Trump is likely to lift a Biden administration pause on new natural-gas permitting approvals, accelerate approval timelines, and create an easier permitting process,” it said.
Financial services, pharmaceuticals, and biotechnology are other sectors that could likely benefit from deregulation.