World Street | US markets hit fresh highs on Trump win, Tesla and Trump Media stocks soar, and more

World Street offers a sneak peek into the world of business and economy.

Wall Street soared to record highs as Trump's return to the presidency fueled optimism across stocks, bonds, and tech. Treasury yields rose sharply, Tesla hit a 52-week high, short sellers faced steep losses, and Qualcomm shares jumped on strong Chinese smartphone demand and a major stock buyback plan. All this and more on the November 7 edition of World Street. 

Wall Street rallies

US stocks soared to record highs Wednesday as Republican Donald Trump staged a remarkable comeback, reclaiming the presidency four years after his exit. The Dow, S&P 500, and Nasdaq all hit new peaks, fueled by investor optimism for lower taxes, deregulation, and a president vocal on issues from the stock market to the dollar. However, the potential for new tariffs raises concerns over higher deficits and inflation.

Treasury yields spike

Treasury yields soared Wednesday as Donald Trump won the US presidential election. The 10-year Treasury yield climbed over 14 basis points to 4.433 percent, marking a session high since July as investors anticipated stronger economic growth and therefore, higher fiscal spending under Trump's leadership.

Tesla stock surges

Tesla's stock surged almost 15 percent on Wednesday, hitting a new 52-week high, after President-elect Trump’s victory. Investors speculated that the win could benefit Tesla’s CEO Elon Musk, a notable Trump supporter. Last month, Musk donated about $75 million to America PAC, his super PAC backing Trump.

Short sellers' steep losses

Investors betting against Trump Media & Technology Group have faced losses totaling $420 million, as the stock, which has been tracking Trump’s election odds, surged 196 percent in the six weeks leading to his win, according to financial analytics firm S3 Partners.

Chip off the block

Qualcomm expects its current quarter sales and profit to beat Wall Street predictions, thanks to strong demand for new high-end Chinese smartphones. Shares jumped 5.5 percent in after-hours trading, having spiked 12 percent earlier when the company announced a new $15 billion stock buyback. Based in San Diego, Qualcomm, a major smartphone chip supplier, is seeing renewed growth as consumers upgrade devices for AI-powered tools like chatbots and image generators.