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Trump wins presidential elections, Republican sweep 90% likely

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Top stories today:

  1. Trump wins presidential elections, Republican sweep 90% likely
  2. Trump Media reports revenue still at a de minimis $1M in Q3, $19.2M loss
  3. Novo Nordisk’s obesity drug Wegovy sees sales surge driven by U.S.
  4. NVIDIA surpasses Apple as world’s most valuable company
  5. Nintendo stock jumps as next-gen Switch console plans unveiled

0. Data and calendar

All values as of 6 AM ET / 3 AM PT, other than S&P500 and NASDAQ close (4 PM ET / 1 PM PT).

All times are ET.

1. Trump wins presidential elections, Republican sweep 90% likely

The House still has a 10% chance of being controlled by Democrats, according to Polymarket:

  • Control of Congress would mean power to pass more tax cuts and general fiscal policy.

    • The President already has foreign policy and tariff-related unilateral powers.

    • An abortion ban is highly unlikely, as it would require 60 votes in the Senate, and Trump already said he would veto such bill.

  • Trump claimed victory after Fox News projected his victory, hours before NYT and AP did.

  • Elon Musk celebrated the win on X.

  • European leaders congratulated Trump.

Crypto was significantly up in response, with BTC and ETH +8% and SOL +15%

All values as of 6 AM ET / 3 AM PT.

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3. Trump Media reports revenue still at a de minimis $1M in Q3, $19.2M loss

Trump Media’s stock was +30% to $44.20 in the premarket, as it increasingly acts as a meme stock:

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