Donald Trump appears on a television screen at the stock market in Frankfurt, Germany, Wednesday, Nov. 6, 2024. Donald Trump's return as US president boosted equity markets on Wednesday on bets of lower corporate tax, favourable tariffs and deregulation, lifting shares of banks, locally focused small-cap companies and Trump Media.after the billionaire-backed Trump throughout his electoral campaign led to a 14 per cent surge in shares of the electric automaker.
Trump Media & Technology Group, majority-owned by Trump, was up about 6 per cent shortly in afternoon trading. Investors overlooked the company's latest quarterly results that showed the Truth Social parent's revenue was just US$1 million. Markets"have priced in a pretty strong mandate for the Republicans and are biasing toward most of the Trump trades," said Scott Chronert, US equity strategist at Citi.
"There is an expectation that the regulatory landscape will ease under the Trump administration" and that is helping financials' shares, said David Ellison, portfolio manager at Hennessy Funds, which holds several bank stocks.