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Wall St ended Wednesday’s trading session with its major benchmarks hitting record highs as Donald Trump regained the title of President of the United States of America. The Dow Jones had its best day since 2022 jumping 3.57%, the S&P 500 rose by 2.53% and the tech-heavy Nasdaq gained 2.95%.

In terms of US shares, Tesla whose CEO, Elon Musk is seen as a massive backer of Trump saw shares jump 14%, whilst bank shares also saw a rise with JP Morgan climbing 10% and Wells Fargo rallying 12%.

Over in Europe, European markets close lower as investors react to Donald Trump winning the US election. The STOXX600 fell 0.59% with the majority of sectors ending the trading day in the red. Losses were led by the utilities sector which fell 2.61%, whilst financial services stocks gained 1.84%. Germany’s DAX lost 1.13%, the French CAC dropped over half a percent, and over in the UK the FTSE100 ended Wednesday’s trading session 0.07% lower.

Locally on Wednesday the ASX200 rose 0.8% with 8 of the 11 sectors ending the day in the green. Dual listed companies in the US and Australia felt an extra boost yesterday on the back of the election rally with Light & Wonder rising 4.7%, while News Corp added 4% and Block Inc. surged 4.1%.

What to watch today:

• The Australian share market is set to open higher, with the SPI futures suggesting a rise of 0.24% at market open this morning.
• On the commodities front this morning,
  • Oil is trading 0.05% lower at 71 US dollars and 94 cents a barrel as investors react to the potential impact Trump’s election will have on the energy market.
  • Gold has fallen 3.08% to 2661 US dollars an ounce following the strengthening value of the US dollar.
  • And iron ore is trading 1.14% higher at 105 US dollars and 9 cents a tonne.

Trading Ideas:

• Bell Potter maintains a buy rating on Austal Limited (ASX:ASB) and has a 12-month share price target of $3.75. The current share price of $3.25 shows a 15.4% share price growth over the next 12-months, hence the buy rating is maintained.
• And Trading Central has indicated a bullish signal on Aspen Group (ASX:APZ), indicating that the stock price may rise from the close of $2.19, to the range of $2.58-$2.66, on a pattern formed over 27 days, according to the standard principles of technical analysis.