U.S. stock index futures jumped on Wednesday, building on overnight gains, as Donald Trump will become the 47th U.S. president after crossing the majority number required.

S&P 500 futures (SPX) were +2.3%, while Nasdaq 100 futures (US100:IND) were +1.6%. Dow futures (INDU) were +3%.

Trump has been elected after securing 270 electoral votes. Republicans have also taken control of the Senate and could even secure a majority in the House as well.

Three of the crucial seven swing states - N.C., Ga. and Pa. - have been called in favor of Trump.

Treasury yields spiked across the curve. The benchmark 10-year yield (US10Y) was up 16 basis points to 4.45%, while the shorter-end, more rate-sensitive 2-year yield (US2Y) was up 6 basis points to 4.27%.

For more, see how Treasury yields have done across the curve on the Seeking Alpha bond page.

"The market reaction so far is probably going as you would expect given the results," Deutsche Bank's Jim Reid said.

Tesla (TSLA) shares soared 15.1% to $289.34/share premarket on Wednesday, with the EV maker seen as a major beneficiary under Trump's presidency.

"Financial markets have moved to price a victory by former U.S. President Trump. However, markets appear to assume that the campaign rhetoric (specifically around deportations and tariffs) will not fully translate into policy," UBS' Paul Donovan said.

Bitcoin (BTC-USD) also smashed past the $74K level for the first time ever.

Traders will also closely monitor the Federal Reserve's meeting, which starts on Wednesday. The interest rate decision will be announced on Thursday. Expectations are still a near-certainty of a quarter-point rate cut. But the odds of a similar cut in December have fallen below 70%.

Looking further out, fewer cuts are priced in for 2025, with traders now betting on a terminal rate for that year of 3.75%, just 1 full percentage point from current levels, reached by June.

On the earnings side, Super Micro Computer (SMCI) shares fell 25% in premarket trade after the embattled artificial intelligence server maker reported preliminary fiscal first-quarter results and offered up an update from its independent special committee.

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