Harris to concede race, markets rally on decisive win

Trump will take Michigan‘s 15 Electoral College votes, NBC News projects, marking a victory in one of the most hotly contested swing states of this election.

— Rebecca Picciotto

Trump’s victory spurred a rise in the U.S. 10-year Treasury yield. Mortgage rates, which loosely follow the benchmark yield, are also climbing.

The average rate on the 30-year fixed mortgage surged 9 basis points Wednesday to 7.13%, according to Mortgage News Daily. That is the highest rate since July 1 of this year, though not quite the surge some had expected.

Housing stocks reacted in turn, with both the big public builders and building material companies falling sharply.

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— Diana Olick

Big Tech leaders and buzzy startup CEOs alike flocked to social media Wednesday to congratulate Trump on his win.

Microsoft‘s Satya Nadella, Alphabet‘s Sundar Pichai, Amazon founder Jeff Bezos, Amazon CEO Andy Jassy, Dell‘s Michael Dell, Box‘s Aaron Levie and OpenAI’s Sam Altman all posted their well wishes on X, the Elon Musk-owned social media platform, while Meta‘s Mark Zuckerberg posted on Threads, Meta’s competitor to X.

Pichai wrote, “We are in a golden age of American innovation and are committed to working with his administration to help bring the benefits to everyone.”

Bezos called Trump’s win an “extraordinary political comeback and decisive victory,” and Jassy wrote, “We look forward to working with you and your administration on issues important to our customers, employees, communities, and country.”

Altman, leader of the startup behind ChatGPT, wrote, “i wish for his huge success in the job,” adding that “it is critically important that the US maintains its lead in developing AI with democratic values.”

— Hayden Field

Republican Senate Minority Leader Mitch McConnell said Wednesday in a press conference that the filibuster is secure and that the party’s Senate majority will help “control the guardrails.”

“I think one of the most gratifying results of the Senate becoming a Republican, the filibuster will stand,” McConnell said. “There won’t be any new states admitted that give a partisan advantage to the other side, and we’ll quit beating up the Supreme Court every time we don’t like the decision they make.”

McConnell also said he plans to concentrate on defense and foreign policy, saying that U.S. adversaries — naming specifically Russia, China, Iran and Iran’s proxies in his list — “are all talking to each other,” and that “they have one thing in common: They hate us, and they want to diminish our role in the world.”

“I think this is the most dangerous time since right before World War II,” McConnell said. He added that his focus over the “next couple of years” will be ramping up defense spending, as “it’s a lot cheaper to prevent a war than it is to have one.”

In response to a question about his takeaway from last night, McConnell said that “candidate quality is essential.”

— Hayden Field

Robert F. Kennedy Jr., a prominent vaccine skeptic, said vaccination should be a “choice” and that he won’t pull any shots from the U.S. market. 

Trump has promised to give Kennedy a major health role in his administration, raising concerns among health experts. 

“If vaccines are working for somebody, I’m not going to take them away,” Kennedy said in an interview with NBC News today. “People ought to have choice and actually want to be informed by the best information.”

Kennedy said he will ensure that scientific safety and efficacy studies are available so people can make “individual assessments about whether that product” is right for them. 

Kennedy has repeatedly pushed misleading and false information about vaccines, such as claiming they are linked to autism despite numerous studies going back decades that debunk the association.

— Annika Kim Constantino

Nikki Haley congratulated Trump on his “strong win” in an X post following his decisive victory against Harris.

“The American people have spoken,” said Haley. “Now, it’s time for the American people to come together, pray for our country, and start the process of a peaceful transition. That begins with Kamala Harris conceding. You can’t just talk about unity in a campaign, you have to show it regardless of the outcome.”

Haley was a fierce critic of Trump during her failed bid to become the Republican nominee but later endorsed him after dropping out of the race.

— Gabrielle Fonrouge

Former President George W. Bush congratulated Trump on his second presidential victory as he also thanked Biden and Harris for their “service to our country.” 

“The strong turnout in this election is a sign of the health of our republic and the strength of our democratic institutions,” Bush wrote in the statement, posted on X. “Laura and I are grateful to the election officials, poll workers, and volunteers who oversaw a free, fair, safe, and secure election.” 

Bush added he’s “praying for the success of our new leaders at all levels of government.”

— Gabrielle Fonrouge

Tesla shares popped 13% during Wednesday’s trading session following Trump’s election win, as investors are betting that a second term would benefit CEO Elon Musk.

While shares have risen more than 14% this year, they’ve still underperformed the broader market in year-to-date gains, with the S&P 500 advancing more than 23% in the period.

The stock’s gains come despite the former president being viewed as unfriendly to clean energy stocks, which can include electric vehicle manufacturers like Tesla.

Mega-billionaire Jeff Bezos congratulated Trump on “an extraordinary political comeback and decisive victory,” with Amazon CEO Andy Jassy following with a message of his own.

“No nation has bigger opportunities. Wishing @realDonaldTrump all success in leading and uniting the America we all love,” the Amazon founder and one of the world’s richest people wrote in a post on X today. 

The comments come two weeks after Bezos drew major backlash for deciding that the Washington Post, the newspaper he bought more than a decade ago, would not endorse a U.S. presidential candidate for the first time in 36 years. 

The newspaper’s editorial page staffers had drafted an endorsement of Harris and it was ready to be approved by its board, the Post reported last month. 

“Congratulations to President-elect @realDonaldTrump on a hard-fought victory,” Jassy wrote on X. “We look forward to working with you and your administration on issues important to our customers, employees, communities, and country.”

— Annika Kim Constantino

Senate Minority Leader Mitch McConnell is scheduled to speak at 11:30 a.m. ET, hours after Trump won the White House and Republicans regained control of the Senate.

McConnell, who endorsed Trump for president in March, previously announced that he would step down from his Senate leadership position this month.

— Chris Eudaily

A person accused of storming the U.S. Capitol on Jan. 6, 2021, asked a federal judge to postpone a status hearing in his case because of the likelihood that he’ll be pardoned by Trump. 

In a motion filed in Washington, D.C., federal court, Christopher Carnell said Trump’s re-election “significantly impact[s] the status” of his case because the incoming president said while on the campaign trail that he’d pardon Jan. 6 defendants. 

“Carnell, who was an 18 year old nonviolent entrant into the Capitol on January 6, is expecting to be relieved of the criminal prosecution that he is currently facing when the new administration takes office,” the filing said. “Carnell is now awaiting further information from the Office of the President-elect regarding the timing and expected scope of clemency actions relevant to his case.” 

— Gabrielle Fonrouge

The biggest pharmaceutical industry lobbying group in the U.S. congratulated Trump today and said it looks forward to “working with him to build on the successes from his first administration.” 

Pharmaceutical Research and Manufacturers of America represents many of the largest drugmakers in the world, including Eli Lilly, Pfizer and Johnson & Johnson. 

Stephen Ubl, the group’s president and CEO, touted Trump’s previous efforts to crack down on drug middlemen that negotiate rebates with manufacturers on behalf of insurers. The pharmaceutical industry and lawmakers alike accuse those so-called pharmacy benefit managers of pocketing savings instead of passing them down to patients. 

Several of Trump’s efforts to reform PBMs, such as a rule that would eliminate the rebates they receive from drugmakers, failed or were reversed by the Biden administration.

— Annika Kim Constantino

House Speaker Mike Johnson, a close Trump ally, said in a statement that he expects Republicans will win control of the House in addition to the White House and Senate, which have already been called. There are close House races still outstanding, and NBC News has not officially projected which party will control the chamber.

“We will continue to monitor the results and ensure every legal ballot is counted throughout this process,” Johnson said. “I look forward to working with President Trump and a Republican Senate to deliver as Speaker of the House on the mandate entrusted to us by the American people.”

— Ashley Capoot

The National Retail Federation, the retail industry’s largest lobbying arm, said it is ready to work with Trump but said widescale changes to tariff policies “will drive inflation and price increases and will result in job losses.”

“Effective trade policies will increase America’s competitive advantages in research, development and innovation and will protect strategically critical infrastructure while increasing the standard of living and quality of life for all Americans. However, the adoption of across-the-board tariffs on consumer goods and other non-strategic imports amounts to a tax on American families,” NRF President and CEO Matthew Shay said in a statement, referencing Trump’s campaign plan to raise tariffs on overseas goods.

“The retail industry stands ready to work with President-elect Trump and Congress to enact tax, trade and regulatory policies that make America more competitive, increase domestic investment and create jobs.”

The Retail Industry Leaders Association offered a softer statement in its response to Trump’s reelection, saying retailers hope the incoming administration will “take a strategic approach to international trade, with policies that shield families from higher prices on consumer goods.”

“Leading retailers look forward to working with President-elect Trump and the newly elected members of Congress on the host of issues important to local retailers, our employees and the communities we serve,” RILA president Brian Dodge said.

“Inflation was clearly a motivating factor in yesterday’s election results, with many middle-class voters expressing deep concern about the impact inflation has had on family budgets. Policymakers should hear their concerns loud and clear as debates on taxes and tariffs take center stage.”

— Gabrielle Fonrouge

The fate of the U.S. electric vehicle industry is uncertain after Trump’s presidential victory against Harris.

Republicans overall have largely condemned EVs, and Trump has vowed to roll back or eliminate vehicle emissions standards under the Environmental Protection Agency as well as incentives designed to boost production or adoption of the eco-friendly vehicles included in Biden’s Inflation Reduction Act.

It would be difficult for Trump to totally gut the IRA, said auto industry insiders and other officials, but he could defund or limit subsidies for EVs through executive orders or other actions.

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— Gabrielle Fonrouge and Michael Wayland

Solar stocks sold off Wednesday after Donald Trump secured a second trip to the White House and Republicans won control of the Senate, amid fears the Inflation Reduction Act, which helps fund clean energy manufacturing in the U.S., will be repealed.

The benchmark Invesco Solar ETF was down more than 12% in morning trading, while the iShares Global Clean Energy ETF was down nearly 8%.

Solar panel manufacturer First Solar tumbled about 12%. Residential solar stocks Sunrun and Sunnova fell nearly 25% and 40%, respectively.

Inverter manufacturers Enphase and SolarEdge tumbled about 14% and about 17%, respectively. Sun tracker manufacturers Nextracker and Array were down about 10% and 18%, respectively.

The future of the IRA, however, will depend on whether Republicans also win unified control of Congress. It remains unclear whether the GOP will secure a majority in the House of Representatives.

— Spencer Kimball

Trump advisor Scott Bessent says the incoming administration needs to move quickly to nominate the next chair of the Federal Reserve after the president-elect said he wouldn’t renominate Jay Powell.

In an interview on CNBC’s “Squawk Box,” the founder and CEO of Key Square Group said the Biden administration dragged its feet in appointing Powell, which contributed to the historic rise in inflation in 2022.

“You’d have to ask the Biden people why they waited so late. He was not renominated until the end of November 2021 … then he began hiking rates in March of ’22,” said Bessent. “If they had renominated and reappointed him six months earlier, he could have gotten started sooner.”

— Gabrielle Fonrouge

Harris is expected to call Trump today to concede and will also make a public concession speech, two aides to the vice president told NBC News.

The vice president will address the nation at 4 p.m. ET at her alma mater, Howard University, the White House said.

Biden is also planning to call the former president to congratulate him and wants to do the things that Trump didn’t do when the president was elected in 2020, a White House official said. That includes inviting him to the White House and attending his inauguration, the official said.

— Gabrielle Fonrouge

Harris had initially planned to make remarks at her alma mater Howard University last night but as the results started to look more and more like a Trump victory, the mood started to darken, NBC reported.

“By the end of the night, you can see it in their face,” said NBC’s Gabe Gutierrez. “One Democrat of the gathering of major Harris donors at a hotel here in D.C. likened the atmosphere to that of a funeral.”

Shares of Trump Media were halted multiple times for volatility after opening up more than 20%. The stock, which surged more than 50% in extended trading, is now up only about 12%, erasing some of those gains.

Read the full story here.

— Josephine Rozzelle

Vice president-elect JD Vance thanked his wife and Trump on Wednesday morning in his first public comments since the incoming president’s second victory was made official.

“THANK YOU! To my beautiful wife for making it possible to do this. To President Donald J. Trump, for giving me such an opportunity to serve our country at this level,” Vance wrote on X. “And to the American people, for their trust. I will never stop fighting for ALL of you.”

— Gabrielle Fonrouge

Sen. Marco Rubio said the U.S. is funding a “stalemate” war in Ukraine that needs to end after Trump signaled he may reduce his support to Kyiv if elected. 

“In the case of Ukraine, who wants war? What he’s talking about is he wants the war to end. Now as a businessman he’s not going to tell you about his negotiating tactics to bring it to a close but I don’t understand why we would not want a war like that to end,” Rubio told NBC’s Savannah Guthrie in an interview Wednesday morning. 

“I think the Ukrainians have been incredibly brave and strong in standing up to Russia but at the end of the day what we are funding here is a stalemate war and it needs to be brought to a conclusion.” 

— Gabrielle Fonrouge

Former Republican Rep. Liz Cheney — who campaigned for Harris in an effort to convince anti-Trump Republicans to vote blue — addressed Trump’s win in a post on X this morning.

“Our nation’s democratic system functioned last night and we have a new President-elect. All Americans are bound, whether we like the outcome or not, to accept the results of our elections,” Cheney said in the post.

“We now have a special responsibility, as citizens of the greatest nation on earth, to do everything we can to support and defend our Constitution, preserve the rule of law, and ensure that our institutions hold over these coming four years,” she wrote.

“Citizens across this country, our courts, members of the press and those serving in our federal, state and local governments must now be the guardrails of democracy.”

— Josephine Rozzelle

Long-time Trump ally Viktor Orban hailed the Republican politician’s return to the White House as a “much needed victory for the world.”

“The biggest comeback in U.S. political history!” he added in a social media post.

As ballots were still being counted early on Wednesday, Orban had published a TV caption showing a Republican lead in a Facebook post that said “on the way to a wonderful win,” according to a Google translation.

Orban, who has maintained close relations with Trump over the years, even assumed a “Make Europe Great Again” tagline when his government took over the rotating presidency of the European Union over the summer — a slogan reminiscent of Trump’s own campaign motto.

— Ruxandra Iordache

Cryptocurrency, banks and prison stocks are moving higher in pre-market trading Wednesday following Trump’s decisive presidential victory.

Shares of Tesla spiked 12% now that the company’s CEO Elon Musk has such a close alliance with the incoming president. Stocks like Coinbase and Robinhood were both up about 12% on bitcoin’s rise while private prison owner Geo Group surged more than 26%. The spike in Geo’s stock comes after Trump promised to take a tougher approach to criminal justice issues, which could be a tailwind for the prison company.

Banks, likely to see favorable deregulation under a second Trump presidency, were also moving higher. Shares of Wells Fargo were up 11% while JP Morgan spiked around 7%.

–Gabrielle Fonrouge

Two key architects of the landmark Paris Agreement warned that Donald Trump’s election victory will stall global efforts to protect the environment.

The 78-year-old, who has called the climate crisis “one of the great scams,” has pledged to ramp up fossil fuel production, pare back outgoing President Joe Biden’s emissions-limiting regulations and pull the country out of the Paris climate accord — again.

Laurence Tubiana, a key figure behind the Paris Agreement, said Trump’s election victory “is a setback for global climate action, but the Paris Agreement has proven resilient and is stronger than any single country’s policies.”

Christiana Figueres, the former United Nations climate chief who oversaw the 2015 Paris summit, said the U.S. election result will be regarded as a “major blow to global climate action.”

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— Sam Meredith

Trump should learn from the “mistakes” of outgoing President Joe Biden, senior Hamas official Abu Zuhri urged, in comments reported by Reuters.

Under Biden’s administration, the U.S. has staunchly supported Israel and its retaliatory campaign against the Palestinian militant group, after Hamas carried out a terror attack against the Jewish state in October last year.

Washington has nevertheless also urged Israel to moderate its response and to curtail civilian casualties during its military incursion in the Hamas-controlled Gaza Strip.

Trump has previously called for a quick end to the conflict in the Gaza enclave, as well as to the ongoing war in Ukraine.

— Ruxandra Iordache

Trump’s presidential victory “brings a mixed bag of positives and negatives” for the retail industry plus “a large dose of uncertainty,” says GlobalData managing director Neil Saunders.

“The main positive for retail is that President Trump will almost certainly renew the tax cut package he introduced during his first term in 2017, which was due to expire at the end of 2025. This will be broadly helpful to consumer incomes, although retailers should not expect to see a surge in spending as it is about rolling over an existing policy that is already baked into consumer behavior,” the retail analyst said in an emailed note. “The huge downside to retail comes from Trump’s proposals on tariffs.”

If Trump makes good on his promise to raise tariffs on goods made overseas, retailers will bear the brunt of that cost, said Saunders.

“Given the trade between Chinese manufacturers and US retailers, a strict tariff policy would mean retailers initially either taking a massive hit on profits or being forced to put up prices, which would fuel inflation and dampen retail volume growth,” said Saunders. “Over time, supply chains would adjust to a new tariff regime, but this would not happen overnight and would be incredibly disruptive.”

Saunders noted that there’s a “small hope” that Trump’s comments on raising tariffs are more of a negotiating tactic and any eventual changes could be “modest in scope.”

–Gabrielle Fonrouge

Abortion rights ballot measures passed in seven states and failed in three others, more than two years after the U.S. Supreme Court overturned Roe v. Wade and ended the federal constitutional right to the procedure. 

Amendments to protect abortion access passed in Arizona, Colorado, New York, Maryland, Missouri, Montana and Nevada.

Voters in Missouri cleared the way to undo one of the nation’s most restrictive abortion bans. Similarly in Arizona, voters passed a measure that is expected to overturn the state’s ban on abortions 15 weeks into pregnancy.

But Florida, Nebraska and South Dakota defeated similar constitutional amendments, leaving bans in place.

— Annika Kim Constantino

Markets should brace for “knee-jerk” moves in the short term, as it remains unclear whether Trump’s victory will also be accompanied by a “Red Sweep” — implying a Republican win in both the House and the Senate.

“In our view, the most positive outcome for US equities is a Red Sweep, the most negative outcome for EU equities, in relative terms, is Trump and a divided congress,” they said, flagging that a contested election or any lingering electoral uncertainties had been a foremost concern for investors.

The analysts identified trade tariffs as a “key risk for Europe,” with a higher likelihood of implementation under a Trump administration.

“We thus think that EU equities are likely to continue lagging US equities on a relative basis,” Barclays said.

— Ruxandra Iordache

Shares of Trump Media are up more than 30% premarket as NBC News projects Trump — the company’s majority owner — the winner of the presidential election.

The Truth Social parent company surged above 50% after the close Tuesday but has since pared back those gains. More than 34 million shares have changed hands in premarket trading.

Read the full story here.

Trump press secretary Karoline Leavitt says it’s time for the incoming president to make good on his campaign promises, including a “mass deportation operation” on day one of his administration.

“The American people delivered a resounding victory for President Trump, and gives him a mandate to govern as he campaigned, to deliver on the promises that he made, which include, on day one, launching the largest mass deportation operation of illegal immigrants that Kamala Harris has allowed” in this country, Leavitt said on Fox News.

While on the campaign trail, Trump frequently spoke about his plans to deport people who he said had entered the country unlawfully.

— Gabrielle Fonrouge

Argentina’s right-wing President Javier Milei congratulated Trump on his “formidable electoral victory” in a social media post on the X platform.

“Now, Make America Great Again. You know that You can count on Argentina to carry out your task. Success and blessings,” Milei said.

Often likened, Trump and Milei enjoy a cordial relationship, with the Republican president previously welcoming the Argentinian leader’s win in the Latin American country’s election last year and urging him to “Make Argentina Great Again” at the time.

— Ruxandra Iordache

Trump’s decisive presidential victory indicates that Black voters no longer vote in a bloc,” said Jeh Johnson, former secretary of Homeland Security in the Obama administration.

“We have come to believe over generations that different demographic groups vote as a bloc because for so often, for so long, the Black vote in this country voted in a bloc,” Johnson said on MSNBC. “Ninety percent for Democrats, from [Lyndon] Johnson all the way to [Barack] Obama, and that is just not true anymore.”

The comments come after Trump managed to break barriers across a wide range of demographics in his victory over Harris, winning over Black and Latino voters who once would have voted blue.

“As different demographic groups become further integrated into our society they start caring about all of the other issues that everyone else does, whether it’s the economy, crime, whether its border security,” said Johnson.

— Gabrielle Fonrouge

Stock futures soared as traders cheered Donald Trump’s victory over Vice President Kamala Harris.

Dow Jones Industrial Average futures were up 1,335 points, or 3.2%. S&P 500 futures surged 2.3%, while Nasdaq-100 futures advanced 1.7%.

— Fred Imbert

Trump senior advisor Jason Miller says the incoming president “has completely remade the Republican Party to be the party of the working class” following his decisive victory.

“This isn’t the Republican Party of old. President Trump has completely remade the Republican Party to be the party of the working class,” Miller said in an interview with NBC’s Savannah Guthrie. “You think about the teamsters, the union workers, the folks who want to keep the auto industry, but you think about black voters, Latino voters, think about the Arab American voters in Michigan who rallied around President Trump, his win is already starting to show how he can bring that together.”

— Gabrielle Fonrouge

Republican nominee Tim Sheehy defeated incumbent Democratic Sen. Jon Tester in the race for a Senate seat from Montana, NBC News projects.

Sheehy, a businessman and former Navy SEAL, focused his campaign on the economy, border security and gun rights. Tester, a farmer who’s had three terms in the Senate, faced a tough road to victory ahead of the race.

— Gabrielle Fonrouge

Oil prices retreated Wednesday, after Donald Trump defeated Kamala Harris to clinch the White House.

The Ice Brent contract with January delivery was trading at $74.52 per barrel at 12:10 p.m. London time, down 1.34%. The front-month December contract lost 1.38% to $71 per barrel.

Trump’s election could impact the supply of the world’s largest crude producer, as the Republican politician has previously endorsed policies pledging to fully unleash America’s oil and gas production. The additional supply would exacerbate a picture of already weak demand.

— Ruxandra Iordache

German Chancellor Olaf Scholz extended his congratulations to Donald Trump, after the former U.S. president claimed victory in the latest election to clinch the White House.

“For a long time, Germany and the US have been working together successfully promoting prosperity and freedom on both sides of the Atlantic. We will continue to do so for the wellbeing of our citizens,” Scholz said on social media platform X.

Europe’s largest economy counted the U.S. as its biggest trading partner in the first half of this year, according to Reuters. The two countries are also close allies in the NATO military coalition.

— Ruxandra Iordache

Kremlin leader Vladimir Putin has so far kept silent on the latest result of the U.S. election.

“I am not aware of the president’s plans to congratulate Trump on his election,” Kremlin press secretary Dmitry Peskov told reporters Wednesday, according to Google-translated comments from state news agency Tass.

“Let’s not forget that we are talking about an unfriendly country that is directly and indirectly involved in a war against our state,” he added.

Putin and Trump appeared to enjoy cordial relations during the latter’s U.S. 2017-2021 presidency. The relationship was mired in controversy after allegations of collusion between Trump’s then presidential campaign team and Russia, which was accused of meddling in the 2016 election.

Read the whole story.

— Holly Ellyatt

Israeli Prime Minister Benjamin Netanyahu offered his congratulations to both Donald and Melania Trump.

“Congratulations on history’s greatest comeback! Your historic return to the White House offers a new beginning for America and a powerful recommitment to the great alliance between Israel and America,” Netanyahu said.

“This is a huge victory!” he added.

Israel is a close U.S. ally in the Middle East and has benefited from military aid from Washington during its conflict with Palestinian militant group Hamas and other Iranian proxies, including neighbor Lebanon’s Hezbollah.

Read the whole story.

— Sam Meredith and Ruxandra Iordache