Stock Market Today: Asian shares retreat after Trump's victory as focus turns to the Fed

Republican Party turns more Florida counties red in this election than in previous electionWhat Republican control over the Senate, and possibly the House, could mean for President-elect Trump’s agenda

A man passes a video monitor on the side of the New York Stock Exchange in New York's Financial District on Tuesday, Nov. 5, 2024. A tv cameraman films the screens showing the Korea Composite Stock Price Index , left, and the foreign exchange rate between U.S. dollar and South Korean won at a foreign exchange dealing room in Seoul, South Korea, Thursday, Nov. 7, 2024.

A TV camera screen shows the foreign exchange rate between U.S. dollar and South Korean won and the Korean Securities Dealers Automated Quotations at a foreign exchange dealing room in Seoul, South Korea, Thursday, Nov. 7, 2024. People pass the New York Stock Exchange in New York's Financial District on Tuesday, Nov. 5, 2024. Markets also were turning their attention to the Federal Reserve’s decision on interest rates, due later in the day.Japan's Nikkei 225 shed early gains to fall 0.

Investors see Trump’s policies potentially leading to stronger economic growth. That helps push prices down and yields up for Treasurys. Tax cuts under Trump could further swell the U.S. government’s deficit, increasing borrowing and forcing yields even higher. The yield on the 10-year Treasury jumped to 4.43% from 4.29% late Tuesday, which is a major move for the bond market. It’s up substantially from August, when it was below 4%.

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