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

Latino voters show significant shift toward Donald Trump in November 5 electionWATCH: Bexar County election workers aren’t done yetLooking to save on items for your home, road trip and wardrobe? We've got the latest Insider Deals to share!People pass the New York Stock Exchange in New York's Financial District on Tuesday, Nov. 5, 2024.

A currency trader walks by the screens showing 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 currency trader talks on the phone at a foreign exchange dealing room in Seoul, South Korea, Thursday, Nov. 7, 2024.

Trump has promised to slap blanket 60% tariffs on all Chinese imports, raising them still more if Beijing makes a move to invade the self-governing island of Taiwan.Higher tariffs on imports from China, Mexico and other countries also would raise the risk of trade wars and other disruptions to the global economy.The S&P 500 rallied 2.5% to 5,929.04 for its best day in nearly two years. The Dow Jones Industrial Average surged 3.6% to 43,729.93, while the Nasdaq composite jumped 3% to 18,983.

Investors expect the incoming president's policies, particularly higher tariffs, to fan inflation and add costs to U.S. household bills. Sharp cutbacks in immigration could also leave businesses shorthanded, forcing companies to raise wages for workers faster and put more upward pressure on prices.The Fed will announce its latest decision on interest rates Thursday, where the expectation is still for a cut, according to data from CME Group.

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