Trump Media, Tesla, Goldman Sachs, Coinbase, and More

Major U.S. indexes surged at midday Wednesday with former President Donald Trump set to return to the White House. The Dow jumped over 3%, while the S&P 500 and Nasdaq added 2%. The yield on the 10-year Treasury also climbed.

Shares of Trump Media & Technology Group (DJT), the social media company majority owned by Trump, jumped.

Shares of companies that stand to benefit from higher interest rates and Trump’s plans to cut regulations also gained. Goldman Sachs (GS) was the best-performing stock in the Dow, with shares of Wells Fargo (WFC) and JPMorgan Chase (JPM) higher as well.

Shares of Coinbase Global (COIN) and other cryptocurrency-related firms took off as the price of Bitcoin hit a record high and other digital coins gained with Trump calling for the U.S. to be “the crypto capital of the planet.”

Tesla (TSLA) shares hit their highest level in more than two years, after Trump called CEO Elon Musk “a genius” during his acceptance speech, with investors anticipating Musk’s support for the incoming president during the campaign could aid the electric vehicle maker.  

Meanwhile, shares of solar and other renewable energy companies slumped as Trump’s campaign had called for the reversal of Biden administration policies favoring renewable energy. Enphase Energy (ENPH) and First Solar (FSLR) shares fell, along with shares of giant lithium miner Albemarle (ALB).

Shares of Lennar (LEN) and rival home builders fell amid concerns higher borrowing costs could hurt new home sales.

Super Micro Computer (SMCI) shares tumbled after the computer server maker missed sales estimates as it faces scrutiny over its accounting practices. 

Crude oil and gold futures fell, while the U.S. dollar advanced on the euro, pound, and yen.